November 2017 UK industrial production, construction output and trade balance 10 January 2018

  • Prior 0.0%. Revised to 0.2%
  • 2.5% vs 1.8% exp y/y. Prior 3.6% Revised to 4.3%
  • Manufacturing output 0.5% vs 0.3% exp m/m. Prior 0.1%. Revised to 0.3%
  • 3.5% vs 2.8% exp y/y. Prior 3.9%. Revised to 4.75
  • Construction output % vs 0.8% exp m/m. Prior -1.7%. revised to -1.15
  • % vs -1.1% exp y/y. Prior -0.2%. Revised to 1.3%

Trade balance

  • Visible trade balance -12.23bn vs -10.70bn exp. Prior -10.78bn. Revised to -11.68bn
  • Non-EU trade bal -4.67bn vs -2.60bn exp. Prior -2.38bn. Revised to -3.37bn
  • Trade balance -2.80bn vs -1.50bn exp. Prior -1.40bn. Revised to -2.27bn

ONS notes;

  • Production output up on back of 3.2% rise in renewable energy
  • Production output increased 1.2% 3M to Nov 2017
  • Manufacturing output rose 1.4% 3M to Nov 2017
  • Manufacturing output up 3.9% 3M to Nov 2017 vs yr-ago; strongest growth since Mar 2011
  • Total trade deficit narrowed by 2.1B to 6.2B 3M to Nov 2017
  • Goods exports rose 2.6% (2.2B) to 87.6B
  • Narrowing of goods deficit down to increase in in exports to non-EU
  • Non-monetary gold, machinery and transport equipment largest contributors to exports
  • Over the last year, UK total trade deficit (goods/services) narowed 4.3B 3M Nov 2017 vs Nov 2016

Another good set of numbers in the industrial sector, and with good revisions too. The trade balance data isn’t too hot though, no matter how the ONS try and spin it.

GBP likes the data mildly. GBPUSD rises to 1.3526 from 1.3508. EURGBP drops around 10 pips to 0.8830.

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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