Pound Steady Ahead Of UK Industrial Production

Pound Steady Ahead Of UK Industrial Production

Factory output grew by 0.1% compared with September, and by 3.9% compared with October 2016, both slightly above the expectations of analysts polled by The Wall Street Journal, who predicted no monthly growth and an annual expansion of 3.8%.

Britain's longest run of growth in industrial production since 1994 came to an end in October as strong vehicle exports failed to offset the effect of unseasonably warm weather on the energy sector.

Figures from the Office for National Statistics (ONS) showed construction output unexpectedly fell by 1.7% on the month, as the industry was dragged down by a 1.5% decline in new work.

Industrial production remained flat, as expected, after expanding 0.7 percent in September.

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Manufacturing accounts for around 10 per cent of overall UK GDP and construction 6 per cent.

She added that total imports, including fuel, machinery and transport equipment, grew faster than exports in the three months to the end of October despite export growth for United Kingdom manufactured goods such as machinery and cars.

Another report from ONS showed that construction output declined 1.7 percent in October partly due to a 1.5 percent fall in all new work.

"However, construction orders for future work received a huge boost in the third quarter as many large HS2 contracts were awarded".

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