France Industrial Output Rebounds In May

France Industrial Output Rebounds In May

In addition, the Bank of England's chief economist, Andy Haldane, said last week it needed to "look seriously" at the possibility of raising interest rates to counter the recent pick-up in inflation, BBC said.

The signs of continued weak growth came as businesses pressed British Prime Minister Theresa May and her government to negotiate a smooth Brexit in two years' time, saying an abrupt departure would deter investment.

Manufacturing output fell by 0.2% compared with April, according to the Office for National Statistics (ONS). That was the fifth consecutive monthly increase and easily beat the consensus forecast in a Reuters poll for a 0.3 percent gain.

Peter Dixon, an economist at Commerzbank, was quoted by the BBC as saying: "It's all building up a pattern here that says the economy is clearly losing momentum".

"The sector is now set to grow by 2 percent in the second quarter - we haven't seen anything like this since 2010", Bankhaus Lampe economist Alexander Krueger said.

Construction figures were also much worse than expected with output in the three months to May down 1.2 percent, the sharpest such drop since October 2015. MPCOIS=ICAP Some BoE policymakers have been pushing for the first interest rate hike in a decade.

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Output data shows declines of 0.1 per cent for industrial production month-on-month and 1.2 per cent for construction.

Data published on Thursday had shown strong foreign demand raised industrial orders in May, though the increase was less pronounced than expected.

Britain's trade deficit widened to £8.9 billion ($11.47 billion) in the three months to May, from £6.9 billion in the previous quarter, thanks to a jump in the goods and services that the country is importing, news outlets reported. The deficit including trade-in services widened by £1bn to £3.1bn in May, despite a pick-up in export volumes.

In a further blow, United Kingdom construction output fell by 1.2pc in May and by 0.3pc on the year, which the ONS blamed on "falls in both fix and maintenance, and all new work".

Within the overall figure, manufacturing output rose 2% on the month.