The UK economy is expected to hold its own against recession, according to the Construction Products Association (CPA).
While the world economic background remains poor, with growth sluggish in the US and Europe, the UK anticipates increased government spending becoming the main engine for growth as the rise in consumer expenditure slows. GDP is expected to fall to 1.8% this year, before rising to 2.7% in 2003 and 2004.
The CPA says the corporate sector, and in particular UK manufacturing, will remain under pressure during this year, but that public sector investment will be the primary source of growth over the next three years.
Overall construction growth is forecast to reach 3.7% and growth is forecast to remain firm at 3.8% and 2.9% in 2003 and 2004 respectively.
