Latest Public Sector News

07.12.12

Factory output falls 1.3% – ONS

The latest data from the Office for National Statistics (ONS) saw manufacturing output fall faster than expected, pushing the UK closer to a triple-dip recession.

The figures also put the UK’s AAA credit rating under great pressure and could significantly knock business and consumer confidence.

In October, factory output fell by 1.3%, instead of the predicted 0.2% decline. The wider measure of industrial production, including mining and utilities, fell 0.8%.

Andrew Goodwin, senior economic adviser to the Ernst & Young Item Club said: “A truly dire set of figures for the manufacturing sector. With services only growing very slowly, this sizable drag from production is likely to be enough to tip fourth-quarter GDP growth back into negative territory.”

The Office for Budget Responsibility (OBR) is predicting a contraction of 0.1% for the final quarter of this year.

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