UK Industrial Productions Receives Boost Due To Oil And Gas Output
The UK industrial production received a boost in May due to a rise in oil and gas output, according to official figures.
Industrial production rose by 0/4%, being helped by a 7.3% rise in oil and gas output. This also meant a higher mining output. Manufacturing didn’t see an increase though, instead continuing to lag behind, falling by 0.6% in May. This follows a 0.4% fall in April.
If the figures are compared to 2014, results show that industrial output has risen by 2.1%. This is the highest annual growth since April 2014. Manufacturing is also up by 1% compared to the previous year.
George Osborne has announced more help for manufacturers in his most recent budget announcement, so the future should see an even stronger future.