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
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
