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Britain's factory production registers fastest growth since 2017

Britain's factory production registers fastest growth since 2017

The British economy released data on Monday showing progress in the performance of the manufacturing sector in July, where the sector saw the fastest pace in nearly three years after factories returned to work and amid high domestic demand, following the ease of measures imposed to reduce the rapid spread of the Corona virus.

The final UK manufacturing PMI for July was 53.3 from the previous reading of 53.6, moving in line with analysts’ forecasts.

Overall, official data showed that British manufacturing production collapsed by 28% during March and April, before rising by 8% in May.

The pound fell during today's trading against the US dollar to record the lowest level at 1.3010, while it opened at 1.3083.

It is worth mentioning that the pound sterling rose to its highest level in five months versus the green currency on Friday at 1.3169.

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