Construction outlook brightens despite output gloom

08 December, 2017, 14:41 | Author: Regina Silva
  • Construction outlook brightens despite output gloom

The volume of output in the the building and construction industry increased by 18.4% in the third quarter of 2017 compared to the same time previous year, boosted by residential building.

"Past experience suggests that the impetus to growth in manufacturing output from the weaker exchange rate will fade soon, now that 18 months have passed since the biggest decline in sterling", said Samuel Tombs of Pantheon.

Britain's longest run of growth in industrial production since 1994 came to an end in October as strong vehicle exports failed to offset the effect of unseasonably warm weather on the energy sector.

Output plunged 1.4% in the three-months to October confiming more than six-months of slowdown in the industry. Industrial output is expected to remain flat in October, following a 0.7% rise in September.

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"While manufacturing was relatively subdued overall in October 2017 despite record production of cars destined for export, the longer-term picture is one of strong growth", said Kate Davies at the ONS.

The ONS also reported that the UK's goods trade balance in October was £10.8bn, up from £10.4bn in the previous month.

"However, despite the stronger performance of United Kingdom manufacturers, imports grew more than exports in the three months to October once erratic items were excluded, slightly widening the underlying trade deficit".

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