UK Industrial Output Slides in August

The fall in Industrial output was the result of factory shutdowns and oil and gas plants annual maintenance. It is still unclear how sound the recovery of the British economy is at this point and could force the Bank of England to maintain its rates at current levels (0.5%)

Manufacturing output fell by 1.9 per cent in August, according to the Office for National Statistics. Most economists had expected a rise of up to 0.3 per cent.

The falls came after a 0.5 per cent rise from June to July.

Overall production output, which includes energy production, fared even worse, falling 2.5 per cent in the month to its lowest level since 1987.

The biggest fall, of 7.3 per cent, came from the oil and gas extraction industries, the largest monthly fall in this sector for a year, as refineries were shut for planned maintenance, ONS said.

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