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UK factory output soars after three months of decline, official figures show UK factory output soars after three months of decline, official figures show
(about 2 hours later)
Britain’s factories bounced back from a dismal 2015 to post a solid increase in output in the first month of the New Year, official figures have shown. Britain’s factories bounced back from a dismal 2015 to post a solid increase in output in the first month of the new year, official figures have shown.
The Office for National Statistics said manufacturing production rose by 0.7% between December and January, bringing to an end three successive months of decline.The Office for National Statistics said manufacturing production rose by 0.7% between December and January, bringing to an end three successive months of decline.
Despite the pick up, UK factories were producing 0.1% less in January than they were in the same month a year earlier and 6.4% less than during the period in early 2008 when the economy was about to plunge into recession. Despite the pick-up, UK factories were producing 0.1% less in January than they were in the same month a year earlier and 6.4% less than during the period in early 2008 when the economy was about to plunge into recession.
Manufacturing output in the three months to January was 0.2% down on the three months ending in October. The ONS considers the quarterly comparison a better guide to the underlying trend than one month’s data.Manufacturing output in the three months to January was 0.2% down on the three months ending in October. The ONS considers the quarterly comparison a better guide to the underlying trend than one month’s data.
Industrial production – which includes the North Sea, mining and energy sectors in addition to manufacturing – fared less well in January, posting a monthly rise of 0.3%.Industrial production – which includes the North Sea, mining and energy sectors in addition to manufacturing – fared less well in January, posting a monthly rise of 0.3%.
With the slump in the price of crude having an impact on oil and gas extraction from the UK’s offshore fields, industrial production was 1.3% lower in the three months to January than in the previous quarter and 10.2% below its 2008 peak.With the slump in the price of crude having an impact on oil and gas extraction from the UK’s offshore fields, industrial production was 1.3% lower in the three months to January than in the previous quarter and 10.2% below its 2008 peak.
David Kern, chief economist at the British Chambers of Commerce, said: “While ONS figures show manufacturing growth was better than expected in January, other evidence – including the BCC’s Quarterly Economic Survey – suggests that the sector is still struggling, and on an annual basis output remains in negative territory.David Kern, chief economist at the British Chambers of Commerce, said: “While ONS figures show manufacturing growth was better than expected in January, other evidence – including the BCC’s Quarterly Economic Survey – suggests that the sector is still struggling, and on an annual basis output remains in negative territory.
“The UK economy will have to continue to rely on its dynamic and flexible services sector for the next few years, which will continue to be the main driver of growth.”“The UK economy will have to continue to rely on its dynamic and flexible services sector for the next few years, which will continue to be the main driver of growth.”