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Health of the British economy sector by sector

This is how the different sectors of the British economy have performed in the first three months of this year:

  • Agriculture, forestry and fishing - Fell by 3.7 percent compared with 0.5 percent contraction in the previous quarter.
  • Construction - Output decreased by 2.5 percent capping off a 5.9 percent decrease in the year to March 2013.
  • Production - Grew by 0.2 percent following a decrease of 2.1 percent in the previous quarter. This growth was driven by mining and quarrying, and electricity supply.
  • Services - 0.6 percent growth was the driving force behind the growth in overall GDP. This picture of positive growth was seen across the sector.

Read: ONS: GDP rise driven by growth in services sector

National

George Osborne: 'We are making progress'

The Treasury have tweeted reaction to the latest GDP figures:

Hmtreasury?size=bigger

Chancellor:“Today’s figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress. (1/4)

From @hmtreasury on Twitter:
Hmtreasury?size=bigger

The deficit is down by a third, businesses have created over a million and a quarter new jobs, and interest rates are at record lows. (2/4)

From @hmtreasury on Twitter:
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We all know there are no easy answers to problems built up over many years, and I can’t promise the road ahead will always be smooth…(3/4)

From @hmtreasury on Twitter:

Finally the Treasury tweeted: "…but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future."

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National

Triple-dip recession avoided as GDP grows 0.3%

Britain has avoided a triple-dip recession according to the latest figures from the Office for National Statistics.

The figures showed that GDP grew by 0.3 percent in the first three months of this year.

A recession is defined as two or more consecutive quarters of negative economic growth.

Read: Britain's previous two periods of recession

Welsh builders 'outperforming rest of UK'

Performance indicators have revealed a positive outlook for Welsh builders Credit: Ian Nicholson/PA Wire

Builders in Wales have outperformed their counterparts in other parts of Britain, according to research from the Federation of Master Builders.

Performance indicators - combining workload, expected workload and enquiries - revealed a positive net balance of 1 percent in Wales.

This compares to a balance of -8 in Wales in the final quarter of 2012 - a substantial improvement.

In England the balance was -16, and in Scotland -20 percent.

However, Northern Irish firms also showed signs of encouragement, having reported a net figure of -1 percent in the first part of 2013, compared to -26 in the final quarter of 2012.

Bleak picture for building industry

3,500 Welsh building workers could lose their jobs over the next five years because on ongoing struggles in the building industry. Output fell in Wales by 13% last year, leaving construction still in recession.

Just one project, the planned Wylfa nuclear power station on Anglesey, would be responsible for the bulk of any growth, according to the Construction Skills Network. They're the industry training organisation. That, though, will be little comfort for workers in others parts of Wales.

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'Wylfa B' project is bright spot

The biggest forecasted area for improvement between now and 2017 is infrastructure, with average growth of 14.3% per year. That's providing the project to build a new nuclear power station at Wylfa on Anglesey goes ahead from 2016, which will also generate work for a wide number in the supply chain.

Wylfa nuclear power station
Japanese company Hitachi recently took over the project to build 'Wylfa B' Credit: ITV News Cymru Wales

20,000 fewer construction jobs in 2017 than in 2007

Figures from the Construction Skills Network annual report:

  • Construction output fell by 13% in Wales in 2012
  • Construction output projected to rise by 2.7% per year between now and 2017 - above UK average of 0.8% rise

There's usually a lag between output rises and employment, meaning the report projects around 3,560 construction jobs will be lost in Wales between now and 2017.

  • Construction employment projected to fall by 1.5% per year between now and 2017
  • 92,910 construction workers projected to be employed by end of 2017 - that's more than 20,000 (23%) below its peak in 2007

Construction in Wales still in recession

The construction industry in Wales is still in recession - after output fell by 13% during 2012. The annual industry report from the Construction Skills Network does, though, show a more positive outlook for the next few years - with output projected to increase steadily through to 2017.

A house being built
Construction industry jobs are expected to continue falling, before stabilising in 2015 Credit: Rui Vieira / PA Wire / Press Association Images
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