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| UK industrial output rises but trade deficit widens | UK industrial output rises but trade deficit widens |
| (35 minutes later) | |
| UK industrial output grew at the fastest rate for 17 years in the April-to-June quarter, official figures show. | UK industrial output grew at the fastest rate for 17 years in the April-to-June quarter, official figures show. |
| Industrial output grew 2.1% compared with the first quarter of the year, the Office for National Statistics said. | Industrial output grew 2.1% compared with the first quarter of the year, the Office for National Statistics said. |
| It added that "very few" respondents had been affected by the uncertainty from the EU referendum vote on 23 June. | It added that "very few" respondents had been affected by the uncertainty from the EU referendum vote on 23 June. |
| Separate ONS figures showed the UK trade deficit widened in June, with the deficit in goods hitting £12.4bn compared with £11.5bn in May. | Separate ONS figures showed the UK trade deficit widened in June, with the deficit in goods hitting £12.4bn compared with £11.5bn in May. |
| The deficit on trade in goods and services was £5.1bn in June, compared with a £4.2bn the month before. | The deficit on trade in goods and services was £5.1bn in June, compared with a £4.2bn the month before. |
| High point? | |
| Although the second quarter growth figure for industrial production was strong, much of the growth came in April when output rose by more than 2%. | |
| Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The 2.1% quarter-on-quarter rise in production in the second quarter... mainly reflected the 2.3% month-to-month jump in production in April." | |
| Some recent surveys have suggested the economy slowed sharply in the wake of the Brexit vote. | |
| Lee Hopley, chief economist at EEF, the manufacturers' organisation, said: "Clearly, indicators of sentiment post referendum suggest that we've hit the high point for manufacturing this year. | |
| "Amidst the wavering levels of confidence however we should take away some positive news, firstly that manufacturing entered this period of uncertainty from a relatively strong stance and the weaker exchange rate could yet bring benefits on the export side." | |
| However, Mr Tombs said: "We fear that the trade boost could take even longer than usual to materialise this time, because exporters will be very reluctant to invest until the UK's future trade arrangements are known. | |
| "In short, hopes that exports will surge and offset the Brexit hit to domestic demand seem misplaced." |