UK fac­tory out­put rises on man­u­fac­tur­ing util­i­ties

The Pak Banker - - 6BUSINESS -

LON­DON: U.K. in­dus­trial pro­duc­tion posted a mod­est re­bound in Jan­uary as man­u­fac­tur­ing and en­ergy pro­duc­tion jumped. Out­put climbed 0.3 from De­cem­ber, the Of­fice for Na­tional Sta­tis­tics said in Lon­don on Wed­nes­day. Econ­o­mists had fore­cast a gain of 0.4 per­cent. Man­u­fac­tur­ing rose 0.7 per­cent and util­i­ties in­creased pro­duc­tion by 4.3 per­cent. Oil and gas ex­trac­tion fell 6.3 per­cent, the most since June 2014, as stormy weather af­fected North Sea fa­cil­i­ties.

The fig­ures may do lit­tle to dis­pel con­cerns about the out­look for the econ­omy as a de­te­ri­o­rat­ing global growth weighs on ex­porters and the pos­si­bil­ity of a Bri­tish exit from the Euro­pean Union rat­tles the dom­i­nant ser­vices sec­tor, the main en­gine of ex­pan­sion. Pur­chas­ing-man­age­ment sur­veys this month showed in­dexes of man­u­fac­tur­ing and ser­vices fall­ing to their low­est lev­els in al­most three years in Fe­bru­ary. In the three months through Jan­uary, in­dus­trial pro­duc­tion fell 1.3 per­cent, the ONS said.

The monthly in­crease in man­u­fac­tur­ing in Jan­uary fol­lowed three months of de­clines and was led by a cat­e­gory that in­cludes sport­ing goods, jew­ellery and games and toys. In­dus­trial out­put rose 0.2 per­cent from a year ear­lier and man­u­fac­tur­ing was down 0.1 per­cent. To­tal pro­duc­tion, which ac­counts for just over 10 per­cent of U.K. gross do­mes­tic prod­uct, fell 0.4 per­cent in the fourth quar­ter in­stead of the 0.5 per­cent pre­vi­ously re­ported. The re­vi­sion will have no im­pact on over­all GDP growth, the ONS said.

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