Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

North Sea Oil pipeline shutdown hits UK industrial output

The shutdown of a major Oil Pipeline in the North Sea has triggered a bigger-than-expected drop in the UK's rate of industrial output.
December's 1.3% month-on-month decline for industrial production was the fastest drop recorded by the Office for National Statistics (ONS) since 2012.

The slump comes after the Forties pipeline, which pumps about 450,000 barrels per day of oil, was shut in mid-December for about three weeks when a crack was discovered.

However there was better news elsewhere for the UK economy, as the ONS also revealed continued growth in manufacturing and a surprise surge in construction output in December.

The rise by manufacturers of 0.3% in the month extended the sector's run of growth to eight months - the longest period for nearly 30 years.

Construction output jumped 1.6% in the month, compared with forecasts for a flat performance.

The figures add to the pressure on Bank of England policymakers after the UK's economy grew by 0.5% in the final three months of 2017

SKY      News.

This post first appeared on Quest Times, please read the originial post: here

Share the post

North Sea Oil pipeline shutdown hits UK industrial output


Subscribe to Quest Times

Get updates delivered right to your inbox!

Thank you for your subscription