UK in­dus­trial out­put un­ex­pect­edly drops

Kuwait Times - - BUSINESS -

LON­DON: Bri­tain’s in­dus­trial pro­duc­tion has taken an un­ex­pected tum­ble, hurt by a sharp slide in oil and gas ex­trac­tion, of­fi­cial data showed yes­ter­day. Out­put sank 1.3 per­cent in Oc­to­ber com­pared with ac­tiv­ity in Septem­ber, the Of­fice for Na­tional Sta­tis­tics (ONS) re­vealed in a state­ment. That con­founded mar­ket ex­pec­ta­tions for a slight gain. Over 12 months, it was down by 1.1 per­cent. Pro­duc­tion was hurt by the shut­down of the Buz­zard North Sea oil field-one of Bri­tain’s big­gest-which was closed for main­te­nance, the ONS noted. Man­u­fac­tur­ing out­put, which ex­cludes min­ing and quar­ry­ing, elec­tric­ity, gas and wa­ter sup­ply, slid 0.9 per­cent in Oc­to­ber from the pre­vi­ous month, dented by fall­ing phar­ma­ceu­ti­cals pro­duc­tion. The ONS added that it de­creased by 0.4 per­cent year-onyear. “Oc­to­ber saw a sharp fall in UK oil out­put, largely down to the to­tal shut­down of the ma­jor Buz­zard oil field,” said ONS se­nior statis­ti­cian Katie Davies. “Small falls in out­put across a range of sec­tors also con­trib­uted to a drop in over­all man­u­fac­tur­ing.”

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