UK Industrial Production Growth Slows On Oil & Gas Extraction

New homes being constructed

Experts said the official data suggested that the economy was unlikely to show much improvement from its sluggish first six months, which was the slowest start to the year since 2012.

United Kingdom manufacturing output increased by 0.5% in July, the fastest pace this year, according to official data released by the Office for National Statistics (ONS).

United Kingdom manufacturing output is proving stronger than expected, official figures confirmed on Friday, as export and import prices for goods fell as the pound strengthened slightly. The ONS attributes this mainly to a rise of 0.5% in manufacturing; the largest contribution to the rise came from transport equipment, up by 7.6%.

Construction output slips 0.9% in July, marking a fourth month of consecutive declines. The trade in goods and services deficit was unchanged at £2.9bn in July.

The drop followed several months of good growth with the July total being up 3.4% on previous year, and the three months to July up 1.2% on the preceding three months.

Output in Britain's manufacturing industry grew at its fastest pace for a year in July, but construction slumped and the trade gap failed to improve.

Elsewhere, the British Chambers of Commerce on Friday upgraded its United Kingdom growth forecast for this year to 1.6 percent from 1.5 percent, citing moderately stronger outlook for consumer spending growth.

Factory output grew by 0.5% on the month in July-the first monthly increase this year-partly thanks to new vehicle models rolling off production lines, the Office for National Statistics said.

On a monthly basis, industrial production dropped a seasonally adjusted 0.7 percent from June, when it increased by 0.9 percent.

Slowdowns in services and construction are a concern and highlight subdued domestic demand and investment trends.

Second-quarter economic growth was above the 0.2% growth seen in the preceding three months, but still only less than a half of the 0.7% expansion seen at the end of past year. The production industries' weight accounts for 14.6% of the output approach to the measurement of GDP.

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