UK economy records a triple boost
The UK economy seems to be on a very positive trend, with surging factory output, higher car sales and rising activity in the housing market leading the way towards what’s shaping up to be the most significant improvement since the start of the credit crunch.
According to a news report on the matter, the first positive sign regarding the UK’s economic recovery is an increase in manufacturing production, the Office for National Statistics revealing that production has grown by 1.9% in June following declines in both April and May.
Over the three months to July, UK factory output was up 0.7%, while overall industrial production, which also features North Sea oil production and output from the domestic energy sector, was up 0.6% over the same period.
Furthermore, house prices also recorded a 0.9% increase in July, following the implementation of the Government’s policies to support property buyers.
The Society of Motor Manufacturers and Traders, the trade body for the UK automotive industry, also has some very good news for the economy, as it’s raised its growth forecast for 2013 following figures for July showing that 162,228 vehicles were sold during the month, a rise of more than 12% on July 2012 and the 17th successive monthly increase.
Last, but certainly not least, it’s also worth mentioning that the UK services PMI index jumped to 60.2 in July from 56.9 in June, against forecasts of just over 57, reaching the highest value since December 2006.