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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops