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higher than a year earlier. Within services, the distribution, hotels and catering sector had grown by
0.7%. Industrial production had grown by 0.6% in Q3, and manufacturing output had grown by 0.6% in
the same period.
A21 The total deficit on trade in goods and services had narrowed in August to £1.4 billion from £2.1
billion. In the three months to August, total goods export volumes had grown by 2.5%, and total goods
import volumes by 3.4%. Total non-EU goods export volumes had fallen by 3.3% in September, and
total non-EU goods import volumes had risen by 0.7%.
A22 Retail sales had grown by 0.6% in September and by 1.3% in Q3. The retail sales balance in the
Confederation of British Industry (CBI) survey of distributive trades had fallen to zero in October from
+14 in September. The British Retail Consortium (BRC) had recorded a decline in annual growth of
total sales values to 4.1% in October from 5.4% in September. Conversely, the GfK consumer
confidence index had risen to +0.5 in October from -4.8 in September. The MORI index had increased
to -13 in October, from -17 in September.
A23 The Nationwide house price index had risen by 0.9% in October and was flat in the three months
to October compared with the three months to July. The Halifax index had fallen by 0.4% on the month
in October but had risen by 1.9% on a three-month basis. The House Builders' Federation (HBF) house
price survey had been virtually unchanged in September at +13. HBF net reservations had risen to -20
in September, from -24 in August. Particulars delivered fell to 112,000 in September, the lowest level
since December 1998.
A24 Public sector net borrowing in September had been -£0.1 billion, compared with -£0.6 billion in
September 1999. Net borrowing had been -£4.2 billion in the financial year to September, compared
with £1.6 billion in the same period last year.
A25 Survey evidence on stocks in Q3 had been mixed. The October CBI industrial trends survey had
indicated rising stocks balances, as had the CBI distributive trades survey in Q3. However, the
Chartered Institute of Purchasing and Supply (CIPS) manufacturing survey had indicated a fall in stocks
in Q3.
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