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UK manufacturing rises less than predicted
Source: Bloomberg News |
November 7, 2012, Wednesday
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Print Edition
Print Edition
MANUFACTURING output in the United Kingdom rose less than economists forecast in September, held back by declines in machinery and chemical production.
Factory output increased 0.1 percent from August, the Office for National Statistics said yesterday in London. The median forecast of 30 economists in a Bloomberg News survey was for a gain of 0.4 percent. Total industrial output plunged 1.7 percent as oil and gas output dropped by a record due to maintenance of sites.
While the UK emerged from recession in the three months through September with the strongest growth since 2007, recent reports have shown signs of weakness in the economy at the start of the fourth quarter.
"The economic recovery is quickly losing momentum," Samuel Tombs, an economist at Capital Economics in London, said in a research note. "If the economic data remain weak then it may not be long," Tombs said, before officials are "forced to provide the economy with further stimulus."
The statistics office revised its estimate for third-quarter industrial production to an increase of 0.9 percent from the 1.1 percent estimated in its gross domestic product report published last month. Still, it said the impact of the revision on the GDP data is "minimal."
The monthly drop in total industrial output, which includes mining and quarrying and utilities, compared with a median forecast of 30 economists in a Bloomberg News survey for a 0.6 percent decrease. Excluding June, with an extra public holiday for the queen's jubilee, the decline was the biggest since August 2009. The drop was led by oil and gas output, which plunged 20.9 percent from the previous month, the most since records began in 1997.
Factory output increased 0.1 percent from August, the Office for National Statistics said yesterday in London. The median forecast of 30 economists in a Bloomberg News survey was for a gain of 0.4 percent. Total industrial output plunged 1.7 percent as oil and gas output dropped by a record due to maintenance of sites.
While the UK emerged from recession in the three months through September with the strongest growth since 2007, recent reports have shown signs of weakness in the economy at the start of the fourth quarter.
"The economic recovery is quickly losing momentum," Samuel Tombs, an economist at Capital Economics in London, said in a research note. "If the economic data remain weak then it may not be long," Tombs said, before officials are "forced to provide the economy with further stimulus."
The statistics office revised its estimate for third-quarter industrial production to an increase of 0.9 percent from the 1.1 percent estimated in its gross domestic product report published last month. Still, it said the impact of the revision on the GDP data is "minimal."
The monthly drop in total industrial output, which includes mining and quarrying and utilities, compared with a median forecast of 30 economists in a Bloomberg News survey for a 0.6 percent decrease. Excluding June, with an extra public holiday for the queen's jubilee, the decline was the biggest since August 2009. The drop was led by oil and gas output, which plunged 20.9 percent from the previous month, the most since records began in 1997.
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