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UK industrial production was stronger than expected at the end of last year, numbers on Thursday showed, while the trade deficit shrunk.
UK industrial output rose 0.5% in December from November, numbers from the Office for National Statistics showed. Output had shrunk 0.6% in November and 0.5% in October. December’s reading beat expectations of a 0.2% improvement, according to consensus cited by FXStreet.
‘The rise in monthly output in December 2024 resulted from increases in manufacturing (0.7%) and mining and quarrying (1.5%); these were partially offset by decreases in electricity and gas (down 0.6%) and water supply and sewerage (down 0.4%),’ the ONS said.
‘The monthly increase in manufacturing output in December 2024 saw increases in 7 of its 13 subsectors.’
Year-on-year, output fell 1.9% in December, the pace of decline easing from 2.0% in November. A steeper fall of 2.1% was predicted for December, according to FXStreet.
Separate figures from the ONS showed the UK trade deficit shrunk to £2.82 billion in December, from £4.35 billion in November.
Imports fell 1.5% to £71.88 billion, while exports rose 0.7% to £69.06 billion.
The goods trade deficit alone shrunk to £17.45 billion in December, from £18.90 billion in November. The latest reading beat the FXStreet cited consensus of £18.4 billion.
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