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UK industrial production picks up in June

Staff Writer |
Industrial production increased 0.5% in June on a month-on-month basis, contrasting May’s revised flat reading (previously reported: -0.1% mom) and beating market expectations of a 0.1% rise.

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The result was driven by strong growth in the mining and quarrying and water supply, sewerage and waste management sub-sectors, with the expansion in the former down to greater oil and gas production.

The manufacturing sub-sector was flat month-on-month, while the electricity, gas, steam and air conditioning sub-sector shrank.

Industrial production rose 0.3% in June year-on-year, contrasting May’s 0.2% decline, while annual average growth in industrial production dipped from 1.4% in May to 1.3% in June.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 0.8% in both 2017 and 2018.