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Setback For Uk Industrial Sector

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Maintenance work took its toll on oil and gas production

Industrial output in the UK marked its sharpest fall in five months during August, putting pressure on growth forecasts for the third quarter.

Total industrial output fell 0.9% in August, according to the Office for National Statistics (ONS).

Manufacturing output also fell unexpectedly, by 0.2%, the first drop since March.

Even if output bounces back in September, the sector would take 0.15% off GDP growth, the ONS warned.

The decline was driven by a drop in oil and gas output, caused by routine maintenance work and a fire in one oil field.

Still, the ONS believes that industrial production will rebound in September.

The Bank of England has predicted that the economy will grow by roughly the same 0.5% pace in the third quarter as it did in the second, but this forecast could now be under threat.

However, the latest figures are unlikely to have any impact on Thursday's interest rate decision from the Bank of England.

"Although today's release may be too late to tempt the MPC into a cut today, it may add a touch of nervousness to the market's apparent certainty that the central bank will not act," said Daragh Maher, strategist at Calyon.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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