Mubasher: UK industrial production growth dropped in the three months ended 31 July, compared with the previous three-month period, but the sector saw a modest expansion during the month, data released on Monday showed.

The production index fell 0.5% between May and July, compared to the period between February and April, the National Office for Statistics (ONS) said.

This was mainly ascribed to a drop of 4.5% in electricity and gas supplies, due to higher than average temperatures during the period between May and July, with a 0.1% decline in manufacturing.

On a monthly basis, overall production output went up 0.1% in July, helped by a 3.3% rise in quarrying, within oil and gas extraction.

However, manufacturing output declined 0.2% due to a drop of 7.5% in basic pharmaceuticals, but it was outweighed by a widespread strength in the sector.

The total UK industrial production grew by 1.1% in the three months ended July, compared with the same period last year driven by gains of 1.3% and 4.8% in manufacturing and water and waste sectors, respectively.

By 9:17 am GMT, the GBP/USD pair rose 0.22% to $1.2948, while the EUR/GBP pair stabilised at GBP 0.8942.

Source: Mubasher

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