India September Industrial Production Growth Misses Expectations

India September Industrial Production Growth Misses Expectations

India September Industrial Production Growth Misses Expectations

The Index of Industrial Production for the September grew 3.8 percent higher in comparison with the previous year, remaining at 122.7.

United Kingdom construction activity is worsening, data from the Office for National Statistics showed on Friday.

The ONS said Friday's data backed up its preliminary estimate of growth of 0.4 percent in the third quarter, picking up a bit from earlier in 2017 but still slower than the rate in the euro zone.

Production increased for a sixth successive month and the growth was the fastest since December, when it rose 1.1%.

Year-on-year, construction output rose 1.1%, short of the 2.2% forecast and down from a revised 3.9% rise for August.

Some important items showing high positive growth during the current month over the same month in previous year include "separators including decanter centrifuge" (117.4%), "bodies of trucks, lorries and trailers" (94.5%), and steroids and hormonal preparations (including anti-fungal preparations).

In the third quarter, both industrial production and manufacturing output grew 1.1% each from the previous three months, when they fell 0.3% each.

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Industrial production measured in terms of the Index of Industrial Production (IIP) had grown by 4.5 per cent in August 2017 and 5 per cent in September 2016.

Separately, the ONS said Britain's goods trade deficit with the rest of the world narrowed by much more than expected to £11.25bn in September.

However, the total trade deficit widened by GBP 3 billion to GBP 9.5 billion in the three months to September, mainly due to an increase in imports of goods, mainly machinery, non-monetary gold and fuels.

Samuel Tombs, an economist with Pantheon Macroeconomics, said the narrowing of the deficit in September nearly entirely reflected an improvement in trade in erratic items. Economists had expected a shortfall of GBP 12.80 billion.

Another report from the statistical office showed that manufacturing new orders rose 8.8 percent yearly in September, reversing a 5.2 percent decrease in the preceding month. In September past year, consumer durables output grew 14 per cent.

Consequently, the estimate for the third quarter sequential decline in construction output was revised down to 0.9% from 0.7%.

The figures published on Friday suggested manufacturing may help to counteract a consumer-led slowdown and offered some vindication to the Bank of England which last week raised interest rates for the first time in more than 10 years.

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