UK industrial output posts the biggest decline in four years
Industrial production decreased by 1.1% on a yearly basis, missing economists’ expectations which called for a 0.5% rise. Manufacturing output also decreased 0.9% and fell below the forecasts which called for a growth of 0.2%.
On a yearly basis, manufacturing output was down by 0.4% and exceeded the forecasts which called for a decline of 0.7%. Industrial production also declined by 1.1% year-on-year and stood below the expectations of a growth of 0.5%.
Economists reportedly expect the economy to recover quickly in the coming quarters following the completion of the maintenance at a major oilfield while they think it does not seem likely in the near term for the production and exports to rebalance sustainably.
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