UK industrial production declined in December
2022.12.19 06:38
UK industrial production declined in December
Budrigannews.com – A survey released on Monday revealed that export orders and output from British factories decreased this month, highlighting the manufacturing sector’s challenges, such as high inflation and a weak global economy.
The Confederation of British Industry (CBI) reported that its gauge of manufacturing output dropped to its lowest level since September 2020 during the three months leading up to December.
Its gauge of new orders decreased to -6 in December from -5 in November, which was still above the series’ long-run average and less than the -9 decline that economists had predicted in a Reuters poll.
However, manufacturers’ price expectations increased and export orders significantly decreased to -19 from -18.
CBI deputy chief economist Anna Leach stated, “The corrosive effect of higher inflation on demand is increasingly clear, as manufacturing output contracted at the fastest pace in two years over the last quarter.”
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