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Factory output increases 1.7%
British factory output rose in September at its fastest rate for seven years, according to the Office for National Statistics (ONS).
The ONS figures revealed that manufacturing production rose by 1.7%, following a 2% drop in August. This is the biggest monthly rise since July 2002 and much higher than the 1% gain that has been predicted.
Overall industrial output, which also includes mining and utilities, advanced by 1.6% in September - also the biggest increase since July 2002.
"It is possible that following these figures, the ONS may revise its initial third quarter GDP estimate upwards. There is no room for complacency, and it remains critically important to bring the recession to an end as soon as possible. The Monetary Policy Committee and the Government must regard this as their main priority," David Kern, Chief Economist at the British Chambers of Commerce.
Post Date: November 5th, 2009
The ONS figures revealed that manufacturing production rose by 1.7%, following a 2% drop in August. This is the biggest monthly rise since July 2002 and much higher than the 1% gain that has been predicted.
Overall industrial output, which also includes mining and utilities, advanced by 1.6% in September - also the biggest increase since July 2002.
"It is possible that following these figures, the ONS may revise its initial third quarter GDP estimate upwards. There is no room for complacency, and it remains critically important to bring the recession to an end as soon as possible. The Monetary Policy Committee and the Government must regard this as their main priority," David Kern, Chief Economist at the British Chambers of Commerce.
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Post Date: November 5th, 2009
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