British manufacturing dropped by 0.4 percent in October, according to official figures from the Office for National Statistics, giving little sign that the sector will be driving forward Britain’s economy for the rest of the year.
The shock fall was compared to a 0.9 percent increase in September, and 0.1 percent lower than the same time last year. Analysts had expected either stagnation or a modest increase.
However, industrial output increased 0.1 percent on the month and is up on the year by 1.7 percent. Britain was the fastest-growing advanced economy in the world last year, but some surveys for this year expect a moderate economic downturn. Industrial production remains at around 9 percent below its 2008 peak, with manufacturing output also lagging around 6.1 percent.
This data will no doubt be taken into account by the Bank of England when deciding whether to raise interest rates at their meeting alter this month.
08/12/2015
