British Industrial Production Increases For Eighth Month
UK industrial production rose for the eighth month in November, driven by energy and industrial production.
Data from the Office for National Statistics showed that the monthly industrial production growth doubled to 0.4 percent, and 0.2 percent in October. The rate came in line with expectations and the eighth consecutive expansion.
At the same time, the industrial production grew by 0.4 percent, following a rise of 0.3 percent a month ago. The output was the forecast, to 0.3 percent.
The supply of energy advanced 3.2 percent, while mining and quarrying production fell by 1.4 percent.
On an annual basis, industrial production growth slowed to 2.5 percent from 4.3 percent in October. Nevertheless, the pace exceeded the expected rate of 1.8 percent.
Likewise, manufacturing output advanced 3.5 percent to 4.7 percent rise seen a month ago. Economists forecast increase of 2.8 percent.
In the three months to November, a total production of 3.3 percent, increased from the previous three months, was the 21st consecutive increase since March, 2016.
In a separate communique, the ONS, construction output grew by 0.4 percent on a monthly basis in November, said. The expansion was due to increases in both the repair and maintenance, as well as all of the new work.
The visible trade deficit rose 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 of 10.95 GBP billion was.
At the same time, the deficit on the goods and services balance EUR 2.8 billion was increased to GBP in November, GBP 2.3 billion in October. The increase primarily reflects an increase in the imports of fuels from non-EU countries.
The recent hard data for the fourth quarter supports the view that the UK economy maintained a reasonable amount of momentum, and provides some of the first signs that the net have made trading available to a larger growth spurt, Paul Hollingsworth, economist at Capital Economics, said.