-
U.K. Industrial Output Climbs 0.4% as Oil Production Surges
U.K. industrial production rose more than economists forecast in April as oil and gas output surged. Manufacturing unexpectedly contracted amid a decline in pharmaceuticals. Total production increased 0.4 percent from March, the Office for National Statistics said in London on Wednesday. Economists in a Bloomberg survey had forecast a 0.1 percent gain. Oil and gas extraction jumped 8.7 percent, the biggest increase in more than a year. Factory output fell 0.4 percent. A 0.1 percent increase was forecast. The fall in manufacturing highlights Britain’s reliance on domestic demand and consumption to fuel its recovery. ... (full story)