UK manufacturing surges in June
The BBC have reported that ‘manufacturing output surged in June at the strongest pace since the end of 2010, according to figures from the Office for National Statistics (ONS).’
The report outlines that manufacturing output rose 1.9% month-on-month in June after poor performances in May and April. This growth came at more than twice the rate expected by analysts.
The report also added that ‘overall, industrial production, which covers output from the UK’s factories and mines, rose by 1.1% between May 2013 and June 2013.’
‘Slowing oil and gas extraction’ and record investment
The ONS figures are apparently ‘held back’ by the slowing of oil and gas extraction and a fall in energy output. Oil and gas is, however, said to be the UK’s largest industrial sector and is set to receive record investment this year of £13bn, up from £11.4 it received in 2012, according to the Oil and Gas Journal.