🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UK industrial output returns to growth in January, manufacturing strong

Published 03/09/2016, 04:39 AM
Updated 03/09/2016, 04:50 AM
© Reuters. A man walks past a car scrap yard in east London
LCO
-

LONDON (Reuters) - British industrial output grew in January following a sharp fall in December, helped by a stronger than expected upturn in manufacturing, official data showed on Wednesday.

Industrial output rose by a weaker-than-expected 0.3 percent month-on-month in January after a 1.1 percent drop in December, the Office for National Statistics said. Economists polled by Reuters had expected it to rise 0.5 percent.

Output in manufacturing rose 0.7 percent on the month following a 0.3 percent dip, the first increase for four months and easily topping expectations for a 0.2 percent uptick.

The monthly Markit/CIPS survey of British manufacturers also showed the sector enjoyed an unexpectedly strong January, but it then suggested factory activity barely grew last month.

Britain has been one of the fastest-growing major advanced economies in the world for the last couple of years. But it has relied heavily on domestically focused services for growth, frustrating hopes for a better-balanced recovery.

Economic growth slowed in the second half of last year and economists say it could lose more momentum in early 2016.

Industrial output was still 10.2 percent below its peak in early 2008 during the three months to January 2016, while manufacturing output was 6.4 percent smaller.

The manufacturing sector failed to contribute to British economic growth last year.

Finance minister George Osborne has warned that the economy was facing a "dangerous cocktail" of risks from overseas in 2016, as growth slows in major emerging markets, stock markets tumble and oil prices slump amid fading global demand.

Economists say that the Britain's planned referendum on its European Union membership could also drag on growth.

North Sea oil and gas extraction fell 6.3 percent on the month, the biggest drop since June 2014, which the ONS said could be linked to bad weather.

Brent crude oil prices slid almost 7 percent in January following a 35 percent drop for 2015 as a whole.

© Reuters. A man walks past a car scrap yard in east London

Compared with a year ago, industrial output was 0.2 percent higher in January.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.