Published: Sun, November 12, 2017
Economy | By Shawn Conner

UK Industrial Production Growth Fastest Thus Far This Year

UK Industrial Production Growth Fastest Thus Far This Year

United Kingdom construction activity is worsening, data from the Office for National Statistics showed on Friday.

Industrial and manufacturing output shot up by a monthly 0.7 percent in September, the fastest growth for each sector since December past year and above all forecasts in a Reuters poll of economists, which pointed to a reading of 0.3 percent for both.

Output growth was led by a strong outcome in the machinery and equipment group. As well as the sharp fall in September from August, output was only up 1.1 per cent from a year earlier. The growth was the fastest since February, when production increased 2.9%.

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The think tank estimated that GDP growth in the three months to October had inched up to 0.5 per cent, compared with 0.4 per cent in the three months to September.

Manufacturing output increased 2.7% year-on-year, after a 2.8% gain in the previous month. The cumulative growth in these three sectors during April-September 2017 over the corresponding period of 2016 has been 3.9 percent, 1.9 percent and 5.7 percent respectively. Economists had expected a shortfall of GBP 12.80 billion.

Samuel Tombs, an economist with Pantheon Macroeconomics, said the narrowing of the deficit in September nearly entirely reflected an improvement in trade in erratic items.

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Another report from the statistical office showed that manufacturing new orders rose 8.8 percent yearly in September, reversing a 5.2 percent decrease in the preceding month.

Both the monthly decline and the annual increase were the weakest figures since March past year.

"The flurry of activity data suggests that the industrial sector is helping to provide some offset to the consumer slowdown", Capital Economics economist Ruth Gregory said.

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That was not enough to prevent a deterioration in Britain's trade performance in the third quarter, however, which looks likely to be a sizeable drag on economic growth.

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