Britain's industrial output slumped 0.7% in October from the September level, official data showed today, dashing market expectations and sparking concern over the health of the economy.
Industrial production sank by 1.7% in October on a 12-month comparison, the Office for National Statistics also said in a statement. Market expectations had been for a lighter monthly drop of 0.2% and a 12-month decline of only 0.7%.
Manufacturing output, which excludes mining and quarrying, as well as the electricity, gas and water supply sectors, also fell 0.7% in October from September, but rose by 0.3% on an annual basis, the ONS said.
The British economy grew by 0.5% in the third quarter, accelerating from 0.1% growth in the second quarter of the year. However, economists argue that the outlook remains clouded by the unresolved euro zone sovereign debt crisis, government cutbacks and high inflation.
