United Kingdom industrial and manufacturing data surprises on the upside
12 November, 2017, 02:59 | Author: Terri Saunders
The figures reportedly suggest that manufacturing may help to counteract a consumer-led slowdown in the economy.
United Kingdom industrial production is increasing more than expected and the trade deficit is narrowing, a deluge of official figures showed on Friday, with manufacturing activity continues to grow but the construction sector entered a technical recession. Industrial output grew 2.5 per cent in the first half of this fiscal compared to 5.8 per cent a year before.
"Given that manufacturing represents a relatively small share of the United Kingdom economy, the persistent weakness in consumer spending is a bigger consideration for the Bank of England", Smith said.
The IIP (Indices of Industrial Production) is compiled using data received from 14 government agencies including the Department of Industrial Policy & Promotion, Ministry of Petroleum & Natural Gas, and Department of Fertilisers.
Month-on-month, industrial production rebounded 0.5 percent from August, when it edged down by 0.1 percent.
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Industrial production rose 3.8 percent year-on-year in September, which was slower than the 4.1 percent growth economists had expected.
Industrial output, which includes manufacturing, accounts for 14% of the United Kingdom economy.
Figures for the much bigger services sector are due on November 23.
The ONS had pencilled in a 1 per cent expansion in manufacturing, following an 0.3 per cent contraction in the second quarter.
The visible trade deficit narrowed to GBP 11.25 billion in September from GBP 12.35 billion in the previous month. "So we remain optimistic that net trade will provide more support to growth in the quarters ahead".
Until now, there has been little sign of any big boost to British exports from the sharp fall in the value of the pound that followed last year's Brexit vote.
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