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U.K. Shows Mixed Picture as Output Rises, Trade Deficit Widens
Tuesday, 10 October 2017 16:02 WIB | EUROPE |Ekonomi inggris

A picture of an economy struggling to gain momentum emerged in U.K. figures published Tuesday.

Industrial production rose 0.2 percent in August, boosted by a better-than-expected manufacturing performance, and construction clawed back some of the losses sustained in July, the Office for National Statistics said. But the trade deficit unexpectedly widened to the most in almost a year as imports jumped.

The British economy has dropped to the bottom of the Group of Seven growth league since the vote to leave the European Union last year as political uncertainty and inflation took their toll on spending.

But while Tuesday™s report paints what the ONS calls a œmixed picture, it is unlikely to deter Bank of England policy makers who have hinted they are preparing to raise interest rates as early as November to combat inflationary pressures.

Manufacturing rose 0.4 percent in August, boosted by metals and pharmaceuticals, and construction output climbed 0.6 percent following a 1 percent decline in July.

While industrial production is on course for a modest increase between July and September, construction is poised for a second straight quarter of contraction. Building output will fall unless September sees a gain of 1.9 percent, an increase last seen in December.

 

Source: Bloomberg

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