Saturday, Dec 27, 2014Saturday, Dec 27, 2014

News

 

British official industrial output slumps in September

Published on Nov 6, 2012 6:52 PM
 
A photograph shows construction work on a new building which will be called Leadenhall in the City in central London on Oct 25, 2012. Britain's industrial output tumbled by 1.7 per cent in September from the August level, official data showed on Tuesday, sparking concern over the strength of the nation's economic recovery. -- PHOTO: AFP

LONDON (AFP) - Britain's industrial output tumbled by 1.7 per cent in September from the August level, official data showed on Tuesday, sparking concern over the strength of the nation's economic recovery.

Industrial production also sank by 2.6 per cent in September on a 12-month comparison, the Office for National Statistics (ONS) added in a statement.

The data was much weaker than market expectations, which had been for a smaller monthly drop of 0.4 per cent and for an annual decline of 1.3 per cent, according to analysts polled by Dow Jones Newswires.

The main cause was the oil and gas sector, where extraction tumbled by 20.9 per cent - the biggest drop since records began in 1997. The ONS said maintenance on a number of sites caused the output drop.

 
If you are not a subscriber, you can get instant, unlimited access here