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Tuesday, 11 March 2014

bioshere_-_montrealMarch 11 (Bloomberg) -- U.K. factory production rose more than forecast in January in a sign the economic recovery is gaining traction. Output rose 0.4 percent from December, when it gained an upwardly revised 0.4 percent, theOffice for National Statisticssaid today in London. The median estimate in a Bloomberg News survey of 25 economists was for 0.3 percent growth. Industrial production, which also includes utilities and mines, rose 0.1 percent -- less than the 0.2 percent forecast -- as bad weather hit oil and gas output. A robust recovery is underway in the U.K., though risks remain from fragility in Europe, Britain’s biggest trading partner, Bank of England Deputy Governor Charlie Bean said in a speech yesterday. Officials have pledged to hold the key interest rate at a record low 0.5 percent at least until unemployment, now at 7.2 percent, falls to 7 percent. Nine out of 13 manufacturing sectors increased production, led by a 6.2 percent gain in output of rubber and plastic products, the ONS said. Downward pressure came from a 13.9 percent drop in pharmaceuticals production, the biggest monthly decline since 1968. Bean said a sustained recovery will require a shift to net exports, and a stronger currency would “not be particularly helpful” in facilitating rebalancing, he said. Sterling has gained about 10 percent on a trade-weighted basis since March. It lost about 25 percent at the start of the financial crisis. He also said yesterday the key interest rate will probably settle in a range of 2 percent to 3 percent once officials start increasing it from the current record low of 0.5 percent. Governor Mark Carneyand colleagues will be quizzed by lawmakers in Parliament today on their forecasts for the labor market and economic growth. Mining and quarrying fell 3.4 percent in January from December, with crude oil and natural gas extraction dropping 5.8 percent as severe weather in the North Sea hampered production, the ONS said. The increase in industrial production left output 12.4 percent below its pre-recession level in early 2008. In the quarter through January, both industrial production and manufacturing output gained 0.7 percent compared with the previous three months. Source :  http://www.bloomberg.com/news/2014-03-11/u-k-manufacturing-rises-more-than-forecast-as-recovery-gains.html


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