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Financial News: UK Industrial Output Rises For Eighth Straight Month

UK Industrial Output Rises For Eighth Straight Month

01/10/2018 - 07:44:00 (RTTNews)

(RTTNews) - UK industrial production climbed for the eighth straight month in November driven by energy and manufacturing output.

Data from the Office for National Statistics showed that monthly growth in industrial output doubled to 0.4 percent from 0.2 percent in October. The rate came in line with expectations and marked the eighth consecutive expansion.

At the same time, manufacturing output grew 0.4 percent after rising 0.3 percent a month ago. Output was forecast to gain again by 0.3 percent.

Energy supply advanced 3.2 percent, while mining and quarrying output fell 1.4 percent.

On a yearly basis, growth in industrial output slowed to 2.5 percent from 4.3 percent in October. Nonetheless, the pace exceeded the expected rate of 1.8 percent.

Similarly, manufacturing output advanced 3.5 percent following a 4.7 percent rise seen a month ago. Economists had forecast 2.8 percent increase.

In three months to November, total production increased 3.3 percent from preceding three months, which was the 21st consecutive increase since March 2016.

In a separate communique, the ONS said construction output grew 0.4 percent on a monthly basis in November. The expansion occurred due to increases in both repair and maintenance, and all new work.

The visible trade deficit widened to a 5-month high of GBP 12.23 billion in November from GBP 11.67 billion in October, the ONS reported. The expected level was GBP 10.95 billion.

At the same time, the deficit on goods and services trade increased to GBP 2.8 billion in November from GBP 2.3 billion in October. The increase primarily reflects an increase in goods imports of fuels from non-EU countries.

The latest hard data for fourth quarter supports the view that the UK economy maintained a reasonable amount of momentum, and offers some tentative signs that net trade may have provided a bigger boost to growth, Paul Hollingsworth, an economist at Capital Economics, said.

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