UK industrial output falls unexpectedly in August
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the Office for National Statistics (ONS), UK industrial output decreased 0.4% in August from a 0.1% increase in July due partly to a fall in oil and gas production. ONS revealed that industrial output remained below economists’ forecasts calling for a 0.1% gain.
The data shows that exports increased only £100 million versus expectations of a £4 billion increase and despite hopes that a weaker pound against the US dollar would boost exports.
However, manufacturing output increased 0.2% in August on the month, but this followed a steep 0.9% drop in July.
"Manufacturing output was up slightly in August with more cars built, with limited evidence suggesting the lower pound boosted exports," ONS statistician Kate Davies said.
The data shows that exports increased only £100 million versus expectations of a £4 billion increase and despite hopes that a weaker pound against the US dollar would boost exports.
However, manufacturing output increased 0.2% in August on the month, but this followed a steep 0.9% drop in July.
"Manufacturing output was up slightly in August with more cars built, with limited evidence suggesting the lower pound boosted exports," ONS statistician Kate Davies said.
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