UK manufacturing output fell in March, and the country’s global goods trade gap widened significantly, latest official figures show, underlining the weak economic situation as the Bank of England held base rates at 0.5 per cent.
The Office for National Statistics said yesterday that UK manufacturing output had fallen 0.1 per cent on a seasonally adjusted basis in March. This followed a 0.2% decline in February.
Overall industrial production, which includes mining and quarrying, oil and gas extraction and electricity, gas and water supply as well as manufacturing output, edged up by 0.1%. Economists had projected a 0.2% increase.
The ONS said the industrial production figures supported previous estimates showing the economy was “very sluggish in the first quarter of 2018, with little impact overall from the bad weather”.
It has estimated the UK economy grew by just 0.1% overall in the first quarter.
The National Institute of Economic and Social Research think-tank now estimates UK gross domestic product in the February to April period was up just 0.1% on the preceding three months. Meanwhile, the Bank of England yesterday cut its UK growth forecast for this year to 1.4%, from 1.8% in February.
The UK’s global goods trade deficit widened from £10.41bn in February to a worse-than-expected £12.29bn in March. The deficit in goods trade with non-European Union countries widened from £2.35bn to £3.64bn.
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