September 2013
Featured in this insight: Financial services, Manufacturing, engineering & industrial
Data shows UK industrial production holds steady: According to data from the Office of National Statistics, industrial production in the UK stagnated in July despite forecasts of 0.2% growth; this comes after a noticeable 1.3% improvement in June. Furthermore, manufacturing production slowed to 0.2% after a recorded 2% increase in June.
Howard Archer, Chief European and UK Economist at IHS Global Insight, said:
“The industrial production data are actually still very respectable… A marked drop in energy supply held back industrial production in July reflecting the very warm weather”
Energy output fell 0.3% between June and July, while production and supply of electricity, gas, steam and air-conditioning slipped 2.2%. Mining and quarrying were also down 0.5% on a monthly basis.
Separately, the statistical agency reported that the UK’s external trade in goods resulted in a higher deficit in July than a month earlier. The shortfall amounted to £9.9 billion in July, compared with the £8.2 billion recorded in June.
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