Economy

United Kingdom manufacturing output rise surprises

United Kingdom manufacturing output rise surprises”

The ONS's data showed that the UK's trade deficit in goods and service in the May-to-July period widened by £0.4bn from the previous three-month period to £8.6bn.

However, separate figures from the ONS showed a bleaker picture for the construction industry has it continues to struggle with output falling.

United Kingdom manufacturing output is proving stronger than expected, official figures confirmed on Friday, as export and import prices for goods fell as the pound strengthened slightly.

Growth in the broader measure of industrial output slowed to 0.2% from 0.5%, due to an easing back in oil and gas extraction after a spike in June. She concedes that the rise of 0.5% in manufacturing output in July, the biggest increase since December, was robust.

The Office for National Statistics said that manufacturing rose 0.5 per cent in July, its first monthly growth this year, buoyed by increasing auto production with new models.

Vehicle production increased partly thanks to new models rolling off the production lines.

Britain's total trade deficit for goods and services also remained unchanged at £2.9bn, with a boost in goods exported to the European Union offset by a fall in exports to the rest of the world.

Alongside data from the construction sector, the ONS also released data for the manufacturing sector, as well as industrial production data.

"Further manufacturing growth is expected in August, given the solid survey data, but the manufacturing upturn needs to be looked at in the wider context of sluggish exports, declining construction activity and consumers being squeezed by low wages and rising prices", said Chris Williamson, Chief Business Economist, IHS Markit. Import volumes rose by 0.1%. The pace of expansion was forecast to accelerate to 1.7 percent in July.

Slowdowns in services and construction are a concern and highlight subdued domestic demand and investment trends.

Manufacturing beat expectations solidly, growing 0.5% in the month, compared to forecasts of 0.3%, and 1.9% on a year-to-year basis, up from the 1.7% predicted.



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