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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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