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UK trade deficit narrows in August UK construction output drops in August
(35 minutes later)
The UK trade deficit was £3.3bn in August, a narrowing of £1.2bn from July, the Office for National Statistics (ONS) has said. Construction output fell 4.3% in August, its sharpest drop since late 2012, the Office for National Statistics (ONS) has said.
But the deficit was larger than expected and was also set to weigh on growth, the ONS said. In the three months to August, output fell by 0.8%, the biggest such decline since March 2013.
Meanwhile, construction output fell 4.3% in the month, its sharpest rate since late 2012. Meanwhile, the UK trade deficit was £3.3bn in August, a narrowing of £1.2bn from July, it said.
In the three months to August, output fell by 0.8%, the biggest such decline since March 2013, the ONS added. But the deficit was larger than expected and is set to weigh on growth, the ONS added.
The UK's economy has outpaced many nations for much of the last two years, but is widely expected to have slowed in recent months along with the global economy. An ONS official said the weak figures for construction in August may have been linked to wet weather during the month.
Housebuilding fell by 3% from July and output in other parts of the sector also contracted for the first across-the-board decline since 2010.
The trade figures showed the UK's deficit in its trade in goods narrowed to £11.1bn in August compared with £12.2bn in July, although some analysts had expected it to shrink further.
The deficit of £11.1bn on goods was partly offset by a £7.9bn surplus on services. Exports increased by £0.8bn, boosted by cars.
The UK's economy grew by 0.7% in the second quarter of the year, but growth is expected to have slowed in the current quarter.