British industry leaps in October

British industry leaps in October

In October, UK industry managed to expand at the fastest annual pace in a year. However, a downturn in construction along with a mixed trade performance left experts split as for the outlook for the British economy next year.

The UK economy has lost momentum in 2017 because consumers suffered from higher inflation provoked by sterling's dip after the previous year's Brexit vote, although some exporters have derived benefits from the weaker pound as well as the stronger euro zone economy.

The country’s industrial output jumped 3.6% in October versus 2016, which is the biggest rally since December 2016.

However, in October alone, there was no growth in industrial output, except a 0.1% jump in its factory output component, as the Office for National Statistics informed.

Market experts were split over the data that also demonstrated the sharpest one-month sag in construction output since March last year.

According to business surveys, factories are appreciating demand from a leaping European economy, simultaneously facing a leap in price pressures.   

 

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