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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The United Kingdom construction output in April rebounded more than expected due to upbeat industrial data earlier this week that surprised the markets, arousing confidence across the economic spectrum.
Construction output, which makes up six percent of the economy, rose 2.5 percent in April after a 3.6 percent dip in March. This was the biggest monthly increase since January 2014 and surpassed economists' expectations for a 1.7 percent increase, data released by the Office for National Statistics showed Friday.
However, compared with a year earlier, construction output was down 3.7 percent, easing from the 4.5 percent decline in March, while the three months to April showed a contraction of 2.1 percent, the sharpest decline in just over three years. Britain's economic growth slowed to 0.4 percent in the first quarter, according to recent estimates that showed the much larger services sector was the only driver of growth.
Meanwhile, private surveys showed that the British economy has been slowing down due to the upcoming June 23 Brexit referendum when a decision would be reached as to whether Britain will leave or retain its membership in the European Union.
A survey by financial data company Markit suggested British construction orders fell last month for the first time in more than three years.
However, few market participants feel the rise is linked to seasonal adjustment effects around the Easter holidays, reports said.
The Bank of England has highlighted weak commercial property transactions as evidence that companies are holding back investment ahead of the June 23 referendum, which opinion polls show is too close to call. The central bank has also said economic data is likely to be hard to interpret in the run-up to vote on Brexit.
Housing construction in the private sector rose 5.8 percent compared to the corresponding period last year, although overall house building was little changed because of a steep fall in new public housing being built. According to the mortgage lender, Nationwide, housing price growth remained slow last month, after the government levied a tax surcharge on the purchase of rental or second homes in April.
