UK Manufacturing Data Boost British Pound

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The Pound Sterling ticked upwards after the Office for National Statistics released today, production index for February 2014 that exceeded economists’ estimates.

Data gathered by ONS showed total production output increased by 2.7% in February 2014 compared to that a year ago, led by the manufacturing sector, that saw a rise of 3.8% – the biggest increase since February 2011.

According to the report, the manufacture of rubber, plastic products, and other non-metallic mineral products and transport equipment and machinery were the main manufacturing components that contributed to the increase during the period.

Between January and February 2014, manufacturing rose by 1%, its third consecutive monthly rise, boosted by manufacture of pharmaceutical products and pharmaceutical preparations, transport equipment, food products, beverages, and tobacco.

The increase in output took into account the 8.8% drop in electricity, gas, steam, and air conditioning output brought about by warmer weather last February.

Production makes up 15.2% of the total UK GDP. Data from construction sector, which accounts for 6.3%, and service industry, which comprises 77.8% of the UK GDP, will be released on the 11th and 29th of April.

The British Pound Sterling traded 0.6% higher than the US Dollar at $1.6713 a pound by 11:45 AM GMT.

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