UK industrial production beats expectations in July
The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Wednesday, showing that the overall industrial output came in much stronger than expected in July, despite deteriorating manufacturing sector activity.
Manufacturing output dropped 0.9% m/m in July versus a revised 0.2% fall seen in June, while total industrial output surprised to the upside on monthly basis, with the figures showing a +0.10% rise in the reported month, matching the previous reading. Markets had predicted a negative reading of -0.4% and -0.2% respectively.
On annualized basis, UK manufacturing production was up 0.8%, compared with expectations of +1.7%. Total industrial output rose 2.1% from a year earlier, beating estimates and against the previous +1.4% print.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
