United Kingdom industrial output jumps in September

Factory output in September beat analysts’ expectations in September but Britain’s overall trade performance still deteriorated for the third quarter as a whole

Output in the sector has risen for six consecutive months by growing at 0.7 per cent in September and 1.1 per cent over the third quarter as a whole, according to the Office for National Statistics (ONS) today.

"The cumulative growth for the period April-September 2017 over the corresponding period of the previous year stands at 2.5 percent", the "Quick Estimates" of Index of Industrial Production (IIP) said.

The Bank of England nevertheless hiked interest rates for the first time in more than a decade last week, saying the speed at which the economy can grow without fueling inflation has fallen. Infrastructure and construction sector goods output increased 0.5 percent.

The IIP (Indices of Industrial Production) is compiled using data received from 14 government agencies including the Department of Industrial Policy & Promotion, Ministry of Petroleum & Natural Gas, and Department of Fertilisers. Factory output rose 1.1 per cent in the quarter with transport production up 3per cent.

The construction output data was much weaker than expected.

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The revisions have little effect on GDP growth in the third quarter, the ONS said.

Industrial production rose 0.7 per cent in September, ahead of expectations of a 0.3 per cent rise.

Year-on-year, construction output rose 1.1%, short of the 2.2% forecast and down from a revised 3.9% rise for August.

A widening in the trade deficit in the third quarter, to 9.5 billion pounds from 6.5 billion pounds in the previous three months, means net trade once again dragged on growth during the period.

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