Oil and Gas Industry Sparks Increase in Industrial Output

British industrial output rebounded in November, helped by a recovery in oil and gas and adding to signs that the economy kept its momentum in late 2016 despite June’s shock Brexit vote.

But Britain’s trade performance deteriorated, the data also showed. A record increase in imports completely outweighed exports which also hit an all-time high, showing the pound’s drop since the referendum has yet to improve Britain’s balance of trade.

The Office for National Statistics said industrial output rose 2.1 percent in November alone, recovering from a 1.1 percent drop in October and beating expectations for a 0.8 percent jump in a Reuters poll of economists.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.