2013-01-11 14:29:28 - UK industrial market unveils disappointing November figures
The UK industrial market unveiled disappointing figures for production in November, adding to fears that the UK economy contracted in the last quarter of 2012.Manufacturing output dropped 0.3% in November, after a fall of 1.3% in October, according to the Office for National Statistics.The wider reading of industrial output - which also includes output from the energy and mining sectors - grew by 0.3% following a sharp decline in October, which was revised down further on Friday to -0.9%. November´s figures were boosted by an 11.3% jump in oil and gas output - the biggest increase since 1968 - after maintenance of the Buzzard North Sea oil field was completed.The production report from the Office for National Statistics (ONS) showed
that industrial production was down 2.4% in November compared with the same month a year earlier.Separate non-seasonally adjusted construction figures, also released on Friday, showed a 3.4% fall on the month in output and a 9.85 annual drop - undermining hopes of a rebound in the sector.Britain emerged from recession in the third quarter of last year and there were tentative hopes the economy could continue to grow in the last three months of 2012. But a series of gloomy releases - including weak trade data and downbeat purchasing managers´ surveys - have fuelled fears of a contraction in the final quarter.If output continues to fall in the first quarter of this year, the UK will fall into its third recession in four years.For more information on the UK industrial market, see the latest research: UK Industrial MarketFollow us on Twitter @CandMResearch
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