UK factory output declines in July, sees biggest drop in a year
On the other hand, ONS remarked that overall industrial output for the month of July beat economists’ initial expectations of a 0.2% drop and unexpectedly increased 0.1% on a monthly basis with the support of strong oil and gas production.
Oil and gas production were healthy in July since the shutdown at Buzzard oil field in the North Sea, which was supposed to take place in July, was postponed to September. The manufacturing sector was mostly influenced from the fall in the pharmaceuticals sector along with declines recorded in other sectors.
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