UK industrial output declines unexpectedly in September
Industrial output increased 0.3% on a yearly basis, missing economists’ expectations which called for a 0.8% rise. It is reported that mining and quarrying contracted by 3.8% on a monthly basis in September while manufacturing output increased 0.6%, exceeding forecasts which called for 0.4%.
On a yearly basis, manufacturing output rose 0.2% despite the forecasts which called for a 0.1% decline. However, the data shows that it dropped 0.9% in the third quarter.
According to the data, the UK economy grew 0.5% in the third quarter, exceeding forecasts calling for a slowdown in a survey by The National Institute of Economic and Social Research.
The institute forecasts that economic growth will increase 2% in 2016 and decelerate to 1.7% in 2017. Inflation is expected to increase to 3.8% at the end of 2017 due to the rise in imports’ costs driven by a weak pound.
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