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Manufacturing sector growing as UK's trade deficit declines

Figures from the Office for National Statistics show that Britain's manufacturing sector expanded by its most in seven months in November, despite overall industrial output recording a surprise fall. Factory output grew by 0.7% between October and November 2014, above analysts' expectations of a 0.3% rise, though overall production registered a 0.1% decline, pushed down by a sharp contraction in North Sea oil and gas extraction. However manufacturing growth helped total production expand by 1.1% year-on-year in November. Trade numbers also released by the ONS saw falling oil prices help reduce the UK's trade deficit, which fell to its lowest level since June 2013. Meanwhile, data from NIESR shows that the UK economy grew by 0.6% in the three months to December, confirming a slight slowdown in economic expansion towards the end of the year.

 

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