Industry grows unexpectedly fast
July 6, 2007
Industrial production and manufacturing output both grew faster than analysts expected in May, official figures show.
The Office for National Statistics (ONS) said industrial output rose 0.6% in May from April, which is its fastest growth since November 2006.
Manufacturing output was also up, growing 0.4% on the month.
The ONS said the recovery was helped by the completion of major shipbuilding work and rising output from the Buzzard oil field in the North Sea.
It is the first time that manufacturing output has grown for three consecutive months since March to May 2004.
"This release is unlikely to dissuade market hawks from looking for an additional tightening in policy before year-end," said Daragh Maher, an economist at Calyon.
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