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UK manufacturing output rises by 0.3% in July | UK manufacturing output rises by 0.3% in July |
(40 minutes later) | |
UK manufacturing output rose 0.3% in July from the month earlier, according to the Office for National Statistics. | |
The figure, which excludes mining and the oil and gas sectors, took the rise for the year to 4.9%, the best annual gain since 1994. | The figure, which excludes mining and the oil and gas sectors, took the rise for the year to 4.9%, the best annual gain since 1994. |
Industrial output, which includes these sectors, also rose 0.3% in July, recovering from a 0.5% in June, and taking the annual rate to 1.9%. | |
The machinery and equipment sectors saw the biggest rise in July, the ONS said. | |
"It's a decent reading," said George Buckley, UK economist at Deutsche Bank. | |
"But I think it's going to be quite difficult to achieve the same rates of growth (going forward) that we saw in the first and second quarters of this year." | |
Philip Shaw, analyst at Investec, said: "It's encouraging and we think the outlook for manufacturing remains on the positive side, not just on general recovery grounds but possibly also on reasonable export prospects." | |
The ONS said there was scope for further gains in industrial output as more oil rigs came back on stream in August. | |
Oil and gas output rose 0.8% in July after a 5.2% fall in June, but was still 8.4% lower than the same month a year ago. |
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