August 6, 2013
BBC News reported on the figures released by the Office for National Statistics (ONS), which suggest that manufacturing output rose 1.9 percent month-on-month in June after declines in May and Aproil.
The growth was “more than twice” the amount expected by analysts, and manufacturers are said to have reported rises in output “across all sectors”. Output was up by 0.7 percent between the first and second quarters of 2013, and up two percent from June 2012, with the developments coming only a few weeks after the UK economy was said to have grown 0.6 percent in the last quarter.
In contrast, China has seen manufacturing output fall to an 11-month low in recent weeks. Lee Hopley, Chief Economist at manufacturers’ organisation EEF, stated that the data “gives further weight to the view that manufacturing activity will continue to gain pace, becoming a more important contributor to growth in the year ahead”.
However, Barclays Analyst Simon Hayes sounded a note of caution, stating that “even with these punchy out-turns, the level of industrial production is 13 percent below its pre-crisis level, while manufacturing output is nearly nine percent lower”.
Categories : City News