International News

UK industrial production hit by oil work

A big fall in oil and gas extraction contributed to a surprise fall in UK industrial output in June.

The decline in oil and gas extraction was due to maintenance work being carried out in June, rather than in August when it is normally done.

Industrial production fell 0.5% from May, the Office for National Statistics said, but was up 1.3% on the year.

Manufacturing output, which excludes mining, oil, gas and utilities, rose 0.3% on the month and 4.1% on the year.

George Buckley, chief UK economist at Deutsche Bank, said the monthly figures were volatile.

"I don't think this will have much market-moving impact... because it looks pretty bad relative to consensus, but look at manufacturing production - the underlying message is still that things are expanding, and they are very volatile these figures."

The British Chambers of Commerce said the manufacturing sector's performance this year was pleasing, but there was "no room for complacency".

The ONS also published data that showed the cost of goods leaving UK factories in July rose 5% on a year ago, marking a slight slowdown from the 5.1% annual rise recorded in June.

Input price inflation saw a small increase to a rate of 10.8% in July from 10.7% in June.

excerpted from BBC News


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