Key Statistics: 18 February 2014

Construction

• Output in the construction industry rose by 0.2% during the final quarter of 2013 compared to the third quarter, leaving output during 2013 as a whole 1.3% higher than 2012. The housing sectors saw the strongest growth over the year, with private housing up 11% on 2012 and public housing up 9%. In contrast, RMI work on public housing fell by 5% compared to 2012, with overall RMI volumes registering a slight 0.3% dip over the year.
• The Q4 2013 Construction Trade Survey, which pulls together various State of Trade surveys, reported falling profit margins among building contractors as labour and material cost rises outstripped growth in tender prices.  A positive balance of Building contractors, SMEs and civil engineers reported increases in output and new orders, but on both measures recorded a lower balance than the third quarter of 2013, mirroring the slowdown in the ONS construction output figures. Heavy and light side product manufacturers recorded higher output growth in the final quarter of 2013 than the preceding quarter.

Economy

• The Eurozone economy grew by 0.3% in the final quarter of 2013, a step up in growth compared to the 0.1% expansion in the third quarter. Growth across the 28 EU Nations, including the UK, was 0.4% in Q4 2013.
• Overseas residents made 32.9 million visits to the UK in 2013, spending £21 billion, a 13% increase in spend compared to 2012. UK residents made 58 million visits abroad in 2013, spending £35 billion, up 7% on 2012. 
• UK retail sales in January were 5.4% higher than a year ago, according to the British Retail Consortium. This was the fastest annual growth since April 2011, and followed the disappointing 1.8% growth seen in December 2013.