United Kingdom construction output falls more than expected

12 November, 2017, 02:55 | Author: Lora Ball
  • A car being built as the Office for National Statistics revealed economic data

The Office for National Statistics also announced a 1.6 percent monthly drop in construction, while separate figures published on Friday showed British shops suffered their worst October for sales in a decade.

Industrial production rose 3.8 percent year-on-year in September, which was slower than the 4.1 percent growth economists had expected.

French manufacturing output rose by 0.4% in September and output across the whole of the industry rose by 0.6%.

The August production growth was revised up to 4.5 percent from 4.3 percent reported initially.

Manufacturing output increased 2.7% year-on-year, after a 2.8% gain in the previous month.

The ONS also released the United Kingdom foreign trade data for September, which showed that overall trade deficit narrowed more-than-expected.

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United Kingdom construction output slumped 1.6% in September, the ONS revealed, way worse that the 0.3% expected by the market and larger than the 1.0% drop the ONS had initially pencilled in its quarterly estimate.

The IIP for the mining, manufacturing and electricity sectors for September stand at 94.6, 125.1 and 150.5, respectively, with the corresponding growth rates of 7.9 per cent, 3.4 per cent and 3.4 per cent as compared to September 2016.

However, the total trade deficit widened by GBP 3 billion to GBP 9.5 billion in the three months to September, mainly due to an increase in imports of goods, mainly machinery, non-monetary gold and fuels. Economists polled by Reuters had expected 12.8 billion.

Samuel Tombs, an economist with Pantheon Macroeconomics, said the narrowing of the deficit in September nearly entirely reflected an improvement in trade in erratic items. Economists had forecast a 0.9% fall. In September past year, consumer durables output grew 14 per cent.

Both the monthly decline and the annual increase were the weakest figures since March a year ago.

"However, net trade probably dragged on GDP growth in Q3".

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