LONDON: British industrial output looks set to make a strong contribution to economic growth in the final months of 2017 but construction is likely to drag, official data showed on Wednesday.
Economic growth slowed in the first nine months of 2017 as higher inflation caused by the fall in sterling after the Brexit vote hurt consumers, although exporters have gained from the weaker pound and the stronger eurozone economy.
Germany reported rapid growth in industrial output on Tuesday and stronger exports and its economy is forecast to grow faster than Britain’s in 2017 and this year.
British industrial output rose by a monthly 0.4 percent in November, compared with 0.2 percent in October, spurring an annual rise of 2.5 percent.
Economists taking part in a Reuters poll had expected to see output rise 0.3 percent on the month and 1.8 percent on the year.
Manufacturing, which makes up the bulk of the industrial sector, enjoyed an especially strong three months to November, with output 3.9 percent higher than a year before, its biggest rise since March 2011.
“There was strong and widespread growth across manufacturing with notable increases from renewable energy projects, boats, planes and cars for export,” ONS statistician Ole Black said.
The ONS said construction output in the three months to November dropped by 2.0 percent compared with the previous three months, the biggest decline since August 2012. Private housebuilding provided the only positive news.
Figures for the services sector — which is around eight times the size of manufacturing and has been growing slowly — are due to be released on January
26. Britain’s economy grew at a quarterly rate of 0.4 percent in the three months to September.
The Bank of England said in November it expected a repeat of that performance in the last three months of the year, after it raised its key interest rate for the first time since 2007.
A major business survey from the British Chambers of Commerce earlier on Wednesday showed rapid growth in manufacturing sales cooled in the fourth quarter.
ONS data showed Britain’s goods trade deficit with the rest of the world widened to a five-month high of £12.231 billion in November — bigger than all forecasts in a Reuters poll that had pointed to a deficit of £10.7 billion. The total trade deficit, including services, also hit a five-month high of £2.804 billion.
The picture was better in volume terms, however. Goods exports in the three months to November were 9.1 percent higher than a year ago, while imports were up 2.6 percent.
Industry on track to have boosted UK economy in Q4 2017
Industry on track to have boosted UK economy in Q4 2017
Islamic banks’ market share in Turkiye rises to 9.2%: Fitch Ratings
RIYADH: Islamic banks in Turkiye lifted their asset market share to 9.2 percent in 2025 from 8.1 percent a year earlier, as financing and deposits outpaced the broader banking sector, a new analysis showed.
In its latest report, Fitch Ratings said financing and deposit market shares rose to 7.9 percent and 10.4 percent, respectively, by the end of 2025, compared with 7.3 percent and 9.4 percent in 2024.
The agency noted that new digital Islamic banks are emerging in the country, with investment from Gulf Cooperation Council countries expected to continue.
Turkiye’s strong ties with Islamic countries across the Balkans, Africa and the Middle East support the development of its Islamic banking sector, attracting investors and contributing to the industry’s growth.
In its latest report, Fitch stated: “Three recently established private Islamic banks (two digital) grew rapidly in the first nine months of 2025. Investment in digital participation banking from the Gulf Cooperation Council countries underscores the potential for further investment from the region.”
It added: “Planned establishment of new participation banks, and rapid growth of recently established banks – albeit from small bases – means that the segment landscape may be reshaped in 2026.”
Dubai Islamic Bank PJSC’s investment in digital bank TOM underscores the potential for further GCC investment.
Turkish regulators have approved the establishment of Halk Katilim Bankasi A.S. and Adil Katilim Bankasi A.S. (digital), while BIM Birlesik Magazalar A.S.’s application is pending.
Fitch added that state-owned participation banks may merge or pursue initial public offerings, potentially reshaping the banking landscape.
The report predicts Islamic banks’ market share will rise further in 2026, supported by strong internal capital generation and growth appetite. However, the non-performing financing ratio may increase moderately due to high inflows.
“The segment’s non-performing financings ratio deteriorated to 2 percent at end-2025 compared to 1.2 percent in 2024 but remained below the sector average of 2.5 percent,” said Fitch.
It added: “We expect pressure to persist given still-high financing rates, high but declining inflation, and the sensitivity of unsecured retail (lower share than conventional banks) and SME segments to economic cycles. We forecast a moderate increase in the segment NPF ratio in 2026.”
