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UK’s industrial production, exports plunge in July

by ChemOrbis Editorial Team -
  • 09/09/2015 (14:48)
According to data from the Office for National Statistics (ONS), industrial production in the UK declined 0.4% on the month in July to post the biggest decline seen since January. July’s factory output also missed economists’ estimates, which called for a gain of 0.1%.

The ONS reported that manufacturing output fell 0.8% in July while the country’s oil and gas production slipped 0.4%. The UK’s lower production output in July was attributed to shutdowns at auto factories during the summer months, which began earlier than usual, as well as lower production in weapon manufacturing.

Separate data from the ONS revealed that the UK’s exports plunged 12.6% while imports rose 0.8%, bringing total trade deficit to 3.4 billion pounds ($5.22 billion). The strong pound, the weak eurozone economy and the ongoing slowdown in the Chinese economy were cited as the main reasons behind the country’s lower exports. Lower chemical goods exports also contributed to the widening trade deficit in July.
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