Oil and Gas Industry Sparks Increase in Industrial Output

January 11, 2017 Share Print 0

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

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.