Business Services

British manufacturing weaker as stronger pound hits home

The latest official snapshot of the industrial sector shows that output from Britain's factories has faltered slightly in the face of a strengthening pound. According to the Office for National Statistics, total manufacturing output fell by 0.3% between the first and second quarters of this year. A rise in activity in the mining and quarrying and oil extraction sectors pushed industrial growth into positive territory, up by 0.7% between the two quarters. However, the disappointing production performance was less than assumed last week when the ONS issued its first estimate of Q2 GDP growth of 0.7%. June's production growth was also disappointing, according to analysts, coming in at -0.4%, weaker than consensus forecasts of 0.1 per cent. The latest estimate implies an annualised growth rate of 2.7%.


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