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December UK industrial output falls sharply | December UK industrial output falls sharply |
(35 minutes later) | |
Industrial output in the UK suffered its sharpest monthly drop in three years in December, official figures show. | Industrial output in the UK suffered its sharpest monthly drop in three years in December, official figures show. |
Warmer than usual weather curbed demand for electricity and gas, while output in the manufacturing sector continued to decline. | Warmer than usual weather curbed demand for electricity and gas, while output in the manufacturing sector continued to decline. |
The Office for National Statistics said industrial output fell 1.1% in December compared with a 0.8% fall in November. | The Office for National Statistics said industrial output fell 1.1% in December compared with a 0.8% fall in November. |
Manufacturing output fell 0.2% in December for the third month in a row. | Manufacturing output fell 0.2% in December for the third month in a row. |
The industrial output figures cover output in the manufacturing (the largest component of production), mining and quarrying, energy, water supply and waste management industries. | The industrial output figures cover output in the manufacturing (the largest component of production), mining and quarrying, energy, water supply and waste management industries. |
The ONS also estimated that industrial output in the fourth quarter saw a revised fall of 0.5%, as against previous estimates of a 0.2% decline. | The ONS also estimated that industrial output in the fourth quarter saw a revised fall of 0.5%, as against previous estimates of a 0.2% decline. |
Output from the oil and gas extraction sector fell 4.6% in December, the biggest fall since September, partly explained by the fall in Brent crude oil prices, which fell 16% in December alone and 35% in 2015 as a whole. | Output from the oil and gas extraction sector fell 4.6% in December, the biggest fall since September, partly explained by the fall in Brent crude oil prices, which fell 16% in December alone and 35% in 2015 as a whole. |
Trade deficit | |
"The UK's economy expanded 0.5% in the fourth quarter, but this early estimate could easily be trimmed if poor construction output numbers on Friday follow the industrial data," Pantheon Macroeconomics economist Samuel Tombs said. | "The UK's economy expanded 0.5% in the fourth quarter, but this early estimate could easily be trimmed if poor construction output numbers on Friday follow the industrial data," Pantheon Macroeconomics economist Samuel Tombs said. |
The second official estimate of UK economic growth in the three months to the end of December is due to be published on 25 February. | The second official estimate of UK economic growth in the three months to the end of December is due to be published on 25 February. |
The manufacturing sector failed to contribute to UK economic growth in 2015 and the latest figures do not promise much of a recovery in 2016. | The manufacturing sector failed to contribute to UK economic growth in 2015 and the latest figures do not promise much of a recovery in 2016. |
The industrial production figures come a day after the UK's annual traded goods deficit was shown to have widened to the biggest on record in 2015, at £125bn. | The industrial production figures come a day after the UK's annual traded goods deficit was shown to have widened to the biggest on record in 2015, at £125bn. |
Wednesday's figures suggest the government's efforts to rebalance the economy, supported by a "march of the makers", have yet to bear fruit with Tuesday's trade figures showing a surplus of £90bn in services exports, primarily supported by the financial services sector. | Wednesday's figures suggest the government's efforts to rebalance the economy, supported by a "march of the makers", have yet to bear fruit with Tuesday's trade figures showing a surplus of £90bn in services exports, primarily supported by the financial services sector. |
"December's sharp drop in industrial production will fuel concerns about the UK economic outlook as well as the unbalanced nature of growth," IHS Global Insight economist Howard Archer said. | "December's sharp drop in industrial production will fuel concerns about the UK economic outlook as well as the unbalanced nature of growth," IHS Global Insight economist Howard Archer said. |
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