UK December industrial output tops forecast after weak quarter
February 7, 2013 8:42 PM EST
British industrial output rose more than expected in December, although oil field shutdowns drove the biggest quarterly fall since early 2009, data showed on Thursday.
Within that, manufacturing output climbed 1.6 percent on the month in December after a fall of 0.3 percent in November, the Office for National Statistics said.
Industrial output, which includes energy production and mining, grew 1.1 percent after a revised 0.2 percent monthly rise in November.
Economists had predicted a monthly rise of 0.9 percent in industrial production and a 0.8 percent tick-up in manufacturing output.
Industrial production was 1.9 percent lower in the fourth quarter of 2012 than in the previous three months, the biggest fall since the first quarter of 2009.
In the last quarter of 2012, lower factory output was a key reason for a contraction in Britain's economy that brought it within sight of its third recession in four years.
Despite that risk, analysts do not expect the Bank of England to announce an extension to its programme of asset purchases later on Thursday, when it delivers its monthly policy decision.
There have been some tentative signs of an economic recovery at the start of this year, while policymakers also increasingly doubt the ability of more quantitative easing to lift demand.
Separate ONS data released on Thursday showed that Britain's goods trade deficit narrowed in December as forecast.
The goods trade deficit shrank to 8.897 billion pounds from 9.275 billion pounds in November. Economists had forecast a gap of 8.93 billion pounds.
(Reporting by Olesya Dmitracova and Patrick Graham)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google HTC Nexus 9 Tablet October 24 Launch Date Benefits Many
- Apple iPhone 6 vs. OnePlus One: With Invitation-Only Model Rested, OnePlus One Can Be A Real Threat To iPhone 6
- ISIS Supporters are Walking Among the Many in the United States – Report
- New Windows OS Is Not Windows 9, Microsoft To Launch Windows 10 As New OS Build
- Samsung Aware Of Gap Issue On Galaxy Note 4, Mentions It As Important Manufacturing Feature In Note 4 User Manual
- 3 Signs Nexus 6, 8 Release Date Nears: Leaked Pics, KitKat Factory Image & Android L Details Emerge
- Airstrikes Against ISIS Has Claimed Innocent Lives In Syria, Dubbed ‘Ineffective’ By Jihadi Fighters, US Military To Ask For More Spending Money