UK Industrial Production Grows More Than Expected In September

Jeremy Corbyn Visits British Steel Plant In Skinningrove

Production in French factories and other industrial operations rose 0.6% month on month in September, rising in line with analysts' forecasts from August's 0.2% fall.

Manufacturing output also advanced 0.7 percent over the month, exceeding economists' expectations for a 0.3 percent gain.

September was the sixth consecutive rise in industrial production, which Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, pointed out was "a feat last achieved 23 years ago".

Manufacturing output - the production of finished goods - rose by 0.4% month on month in September after falling 0.3% in the previous month.

Oil prices, meanwhile, were barely changed with West Texas Intermediate crude oil futures, the main USA benchmark, were 0.03% higher at $57.19 per barrel while Brent crude, the worldwide gauge Brent was up by 0.3% at $64.09 per barrel.

The visible deficit narrowed to £11.25bn in September from £12.35bn, albeit with net trade still looking to have acted as a drag on the economy over the third quarter as a whole, while the total trade balance narrowed to £2.75bn from a revised £3.46bn, better than the widening to £4.3bn that had been forecast.

In the meantime, industrial production data from Finland is due.

Exports of goods to European Union countries increased by £0.9bn or 2.2% in the third quarter, but exports to non-EU countries fell by £1.7bn or 3.8%. The latest monthly data is unlikely to change statistician's preliminary estimates for overall GDP growth.

The UK's industrial production was surprisingly strong in September, pushed up by another bounce in the UK's manufacturing industry.

The reports round off a quarter which saw economic growth pick up slightly to 0.4 per cent, a level which remains below its pre-Brexit referendum average as political uncertainty and inflation crimp consumer spending.

The revisions have little effect on GDP growth in the third quarter, the ONS said.

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