U.K. Industrial Output Falls on North Sea Pipeline Shutdown
By Wiktor Szary and Jason Douglas
LONDON--U.K. manufacturing continued to grow in the final month of 2017, but overall industrial production fell by more than anticipated due to an emergency shutdown of a major North Sea pipeline, official data showed Friday.
In monthly terms, U.K. factory output grew by 0.3%, in line with the expectations of economists polled by The Wall Street Journal, the eighth consecutive month of growth. Overall industrial production, meanwhile, declined by 1.3%, 0.4 percentage points more than forecast.
Separately, the Office for National Statistics said the U.K.'s trade deficit widened in December, driven by increased oil imports and rising prices.
The December goods trade deficit stood at GBP13.6 billion, significantly wider than expected and the biggest deficit since September 2016.
The U.K. economy in 2017 grew at the slowest pace in five years, highlighting how uncertainty linked to its looming departure from the European Union means Britain is not reaping the full benefits of the recent upsurge in global growth.
The Bank of England said Thursday it intends to raise borrowing costs at a faster pace than it expected in November to contain above-target inflation.
Write to Wiktor Szary at Wiktor.Szary@wsj.com and Jason Douglas at Jason.Douglas@wsj.com
(END) Dow Jones Newswires
February 09, 2018 04:49 ET (09:49 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.