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October 23, 2018

British industrial production rose by 0.4% in November 2017

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British industrial productionBritish industrial production rose by 0.4% in November 2017 on a monthly basis at a revised 0.2% growth in October. The November result is above market expectations for an increase of 0.3%.

The biggest contributor to the strong growth was the energy sector with an increase of 3.2% after a sharp decline in October by 2.7%, due to the colder than usual time in the UK. The production and industry are growing at a faster rate of 0.4%. On an annual basis, the growth of industrial production is 2.5%.

In construction output, the market also reported an increase of 0.4% yoy, but this is still the smallest increase in construction activity since March 2016 when it shrunk by 0.07%.

The exports of goods and services from the UK increased by 0.6% to 52.65 billion GBP in November 2017. The exports of goods grew by 1% and services by 0.2%. The imports of goods and services rose by 1.6% to its highest value of 55.45 billion GBP in November.

The imports of goods jumped by 2.1%, with oil being the largest share with a 15.9% increase. Among trade partners, imports of goods from non-EU countries increased by 6.7%, mainly from Canada, Switzerland, Norway, the United States and China. On the other hand, imports have fallen from Spain and Germany.

The country’s trade deficit rose by 0.5 billion to 2.804 billion GBP. This is the largest trade deficit in the UK since last June mainly due to increased imports of fuels, mainly oil, from non-EU countries.

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