Oil and Gas Output Increases the UK's Industrial Production
Posted on: 13/07/2015

A rise in oil and gas output had a positive effect on the UK’s industrial production in May of this year, however manufacturing output continues to fall.

Official figures confirmed that industrial production rose by 0.4% in May, which experts have said is strongly influenced by a 7.3% rise in oil and gas output in the same month.

However the same cannot be said for manufacturing which has seen a consecutive fall in output in both April and May. It has largely been said that manufacturers are struggling more so due to the strength in the pound which has caused imminent demand from European markets who are failing to meet the costs.

UBS David Tinsley commented that: “The last few months’ readings of manufacturing output have been soft, and surveys such as the PMI are also suggesting slower growth.”

It is believed that George Osborne will address this issue on Wednesday by introducing more aid for manufacturers into his budget.

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