United Kingdom industrial production was surprisingly strong in September

10 November, 2017, 15:53 | Author: Leticia Walters
  • Factory output is rising strongly supporting UK economic growth
Credit
Carl Court  Getty

Infrastructure and construction sector goods output increased 0.5 percent.

Factory output measured in terms of the Index of Industrial Production (IIP) rose 5 per cent in September 2016 and 4.5 per cent in August this year, data released by the Central Statistics Office (CSO) showed today.

The UK's trade deficit in goods and services narrowed by £0.7bn between August and September 2017 to £2.75bn, mainly due to trade in goods exports increasing by £1.3bn.

However, construction output fell by 1.6 per cent in the month.

Figures for the much bigger services sector are due on November 23.

For the third quarter as a whole, there was little change to estimates for industrial, manufacturing and construction output that appeared in the ONS' preliminary economic growth estimate. Inflation is forecast to ease to 1.4% in October from 1.6% in September.

Until now, the official readings of manufacturing have tended to show a weaker picture for the sector than the surveys over 2017.

Industrial production rose 3.8 percent year-on-year in September, which was slower than the 4.1 percent growth economists had expected.

The ONS also reported that the UK's trade in goods deficit was £11.25bn in the month, better than the £12.8bn analysts had pencilled in, with exports rising faster than imports.

A widening in the trade deficit in the third quarter, to £9.5 billion from £6.5 billion in the previous three months, means net trade once again dragged on growth during the period. The Reuters poll consensus had pointed to only a small month-on-month drop.

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