Industry Insight's May Construction Newsletter reported that amidst weaker growth in construction, compensation of employees in the construction sector increased by an annualised rate of 9,9% (quarter to quarter), from 10,2% in the previous quarter, the second highest increase in compensation across all sectors. The highest was reported by the electricity and water sectors where compensation for employees increased by 11,1% even though its value added contribution slowed by 3,3%. Overall compensation for employees increased by 7,4% in 2013 Q1, from 9,2% in 2012 Q4.
The report also showed that the May 2013 first quarter GDP figures were disappointing, reviving (again) hopes of an interest rate cut, as the manufacturing and agriculture sectors reported negative growth. This alongside a rise in unemployment and upside risk to a further credit rating downgrade.