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UK factory output rises 0.2% in July UK trade deficit doubles in July to £3.1bn
(35 minutes later)
UK factories increased production in July, up 0.2% from the previous month, according the Office for National Statistics. The UK trade deficit has doubled in July from the previous month, according to the Office for National Statistics.
It is the latest piece of evidence showing that the UK economic recovery is gathering momentum. The gap between imports and exports for July, £3.085bn, was more than double June's trade gap of £1.256bn.
It was also the biggest monthly deficit in trade since October 2012.
The deterioration was partly due to a plunge in exports to countries outside the European Union. Exports to those nations fell 16% - the biggest monthly fall in more than four years.
In a separate report, UK factories increased production in July, up 0.2% from the previous month, the latest piece of evidence showing that the UK economic recovery is gathering momentum.
On Wednesday, a report showed that activity in the service sector hit a six-year high.On Wednesday, a report showed that activity in the service sector hit a six-year high.
Many economists now think the Bank of England will have to start scaling back efforts to boost the economy.Many economists now think the Bank of England will have to start scaling back efforts to boost the economy.
Industrial output, which includes energy production, was unchanged from June. Economists had been expecting a slight rise.Industrial output, which includes energy production, was unchanged from June. Economists had been expecting a slight rise.
Trade figures for July were also published on Friday and showed a sharp expansion in the deficit, which is the gap between exports and imports.
The trade deficit in goods and services rose to £3.085bn in July, more than double the level in June.
The deterioration was partly due to a plunge in exports to countries outside the European Union, which fell 16% - the biggest monthly fall in more than four years.