Investing.com - Manufacturing production in the U.K. rose significantly more-than-expected in March, easing concerns over the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said that manufacturing production rose by 1.1% in March, beating expectations for a 0.3% increase.
Manufacturing production in February rose by 0.7%, downwardly revised from a previously reported increase of 0.8%.
On an annualized basis, manufacturing production fell at rate of 1.4% in March, compared to expectations for a 2% decline. Manufacturing production dropped at a rate of 1.6% in the preceding month.
The report also showed that industrial production rose 0.7% in March, compared to expectations for a 0.2% increase, after rising 0.9% in February.
Following the release of the data, the pound spiked higher against the U.S. dollar, with GBP/USD adding 0.31% to trade at 1.5583.
Meanwhile, European stock markets were lower. London’s FTSE 100 dipped 0.1%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 dropped 1%, while Germany's DAX retreated 0.2%.
In a report, the U.K. Office for National Statistics said that manufacturing production rose by 1.1% in March, beating expectations for a 0.3% increase.
Manufacturing production in February rose by 0.7%, downwardly revised from a previously reported increase of 0.8%.
On an annualized basis, manufacturing production fell at rate of 1.4% in March, compared to expectations for a 2% decline. Manufacturing production dropped at a rate of 1.6% in the preceding month.
The report also showed that industrial production rose 0.7% in March, compared to expectations for a 0.2% increase, after rising 0.9% in February.
Following the release of the data, the pound spiked higher against the U.S. dollar, with GBP/USD adding 0.31% to trade at 1.5583.
Meanwhile, European stock markets were lower. London’s FTSE 100 dipped 0.1%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 dropped 1%, while Germany's DAX retreated 0.2%.