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Wednesday 16th of February 2011
August 6, 2010    

UK industrial output in surprise fall in June

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by Kay Murchie
”UK

The Office for National Statistics (ONS) today revealed UK industrial output fell unexpectedly in June.

According to the ONS, output fell 0.5% on the month against forecasts of a 0.2% rise.

However, the fall was attributed to a 6% decline in oil and gas output.

Following the announcement, the pound lost fell half a cent against the US dollar.

The ONS said the data would not result in any revision to quarter two economic growth figures.

It was recently reported the economy grew by 1.1% in the April to June period - far exceeding forecasts of a 0.6% rise.

Meanwhile, commenting on today’s figures, Howard Archer, economist at IHS Global Insight, said: “The suspicion going forward is that manufacturing will lose momentum.

“There are hints that the second quarter may have been the peak of manufacturing activity. And certainly the inventory adjustment will probably soon come to an end,” he added.

In addition, manufacturing output rose by 0.3% in June - remaining unchanged from May and less than forecasts.

The ONS also announced today that annual factory gate inflation slowed less than expected in July from 5.1% to 5%.

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