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TEHRAN, April 11 -British manufacturing output fell unexpectedly in February, its first drop in almost a year, according to official figures that added to signs the economy may have slowed in the first quarter.
TEHRAN, Young Journalists Club (YJC) -British manufacturing output fell unexpectedly in February, its first drop in almost a year, according to official figures that added to signs the economy may have slowed in the first quarter.
The data, released on Wednesday along with figures for overseas trade, also showed another sharp drop in construction output, defying expectations for a small rebound after a severe downturn in January.
The pace of economic growth slowed slightly in 2017 as higher inflation caused by the fall in sterling after the Brexit vote hurt consumers, although some exporters have gained from the weaker pound and the stronger euro zone economy.
Overall, Wednesday’s data mostly chimed with business surveys that suggest Britain’s economy cooled further in early 2018, weighed down in part by snow storms in late February and early March.
Manufacturing output, which was a bright spot last year thanks to the strong global economy, fell 0.2 percent month-on-month in February after a downward revision showed it stagnated in January, the Office for National Statistics said.
That marked the first drop since March 2017 and was worse than the consensus in a Reuters poll of economists that pointed to a 0.2 percent rise.
Manufacturing output was 2.5 percent higher than its level in February 2017, again less than the 3.3 percent Reuters poll consensus.
The subdued output figures will be of interest to Bank of England officials who are widely expected to raise interest rates next month.
Source:Reuters
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