World Economy

UK Industry Barely Grew in June

UK Industry Barely Grew in JuneUK Industry Barely Grew in June

UK industrial production barely grew in June as the economy lost momentum before the Brexit referendum, Bloomberg reported. Output rose 0.1% following a 0.6% drop in May, the Office for National Statistics said in London. Manufacturing declined for a second month. Separate figures suggested the trade deficit continued to weigh on economic growth in the second quarter. While growth accelerated to 0.6%, the improvement was heavily centered on April. In June, factory output fell 0.3% after declining 0.6% in May. Nine of 13 manufacturing sectors showed declines, with the biggest downward contribution coming from transport equipment, in particular motor vehicles. Utilities increased output by 0.9% and oil and gas extraction rose 1.5%.