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UK industrial output beats forecasts, official figures show | UK industrial output beats forecasts, official figures show |
(35 minutes later) | |
UK industrial production was stronger than forecast in March, official figures show, boosted by manufacturing and a recovery in oil and gas output. | UK industrial production was stronger than forecast in March, official figures show, boosted by manufacturing and a recovery in oil and gas output. |
The Office for National Statistics said industrial output rose 0.7% in March from February, above the 0.2% expected by economic forecasts. | The Office for National Statistics said industrial output rose 0.7% in March from February, above the 0.2% expected by economic forecasts. |
Manufacturing output, a sub-sector of industrial production, rose 1.1%, boosted by electronics, metals and machinery. | Manufacturing output, a sub-sector of industrial production, rose 1.1%, boosted by electronics, metals and machinery. |
But annual output was still 1.4% lower. | But annual output was still 1.4% lower. |
The extended period of cold weather help the electricity, gas steam and air conditioning sectors achieve 2.4% growth in March. | The extended period of cold weather help the electricity, gas steam and air conditioning sectors achieve 2.4% growth in March. |
Lee Hopley, chief economist at the EEF manufacturers' organisation, said: "Manufacturing looks to have had another good month in March with the data pointing to encouraging gains across the board, with almost all sectors posting some growth and on-going strength in transport and electrical equipment sectors." | Lee Hopley, chief economist at the EEF manufacturers' organisation, said: "Manufacturing looks to have had another good month in March with the data pointing to encouraging gains across the board, with almost all sectors posting some growth and on-going strength in transport and electrical equipment sectors." |
But she warned that "a smooth recovery path is not assured" while uncertainties remained over likely levels of demand. | But she warned that "a smooth recovery path is not assured" while uncertainties remained over likely levels of demand. |
Howard Archer, chief UK economist at IHS Global Insight, said the "much stronger-than-expected" output figures add to "the recent improved news on the UK economy and boosts hopes that activity is gaining a firmer footing. | |
"The services sector remains key to the economy's performance but any help from the manufacturing sector would go down nicely," he said. |
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