The United Kingdom’s (UK) industrial sector downturn deepened in October, according to the data released by the Office for National Statistics (ONS) on Wednesday.
Manufacturing Output dropped 1.1% MoM in October versus 0% expected and 0.1% seen in September while total Industrial Production came in at -0.8% MoM vs. -0.1% expected and 0% previous.
The annual UK Manufacturing Production data rose 0.8% in October, missing expectations of 1.9%. Total Industrial Output accelerated by 0.4% in the tenth month of the year, below the 1.1% estimated growth and the previous print of 1.5%.
Separately, the UK Goods Trade Balance numbers were published, which arrived at GBP- 17.032 billion in October versus GBP -14.10 billion expectations and GBP -14.288 billion last. The total Trade Balance (non-EU) came in at GBP-4.828 billion in October versus GBP-4.45 billion reported in September.
Related reads
Economic Indicator
United Kingdom Manufacturing Production (MoM)
The Manufacturing Production released by the National Statistics measures the manufacturing output. Manufacturing Production is significant as a short term indicator of the strength of UK manufacturing activity that dominates a large part of total GDP. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).
Read more.
Next release: 1/12/2023 07:00:00 GMT
Frequency: Monthly
Source: Office for National Statistics
Source: https://www.fxstreet.com/news/uk-manufacturing-production-declines-11-mom-in-october-vs-0-expected-202312130703