United Kingdom: Drop of Pound is Boosting Country's Exports

January 11, 2017, Wednesday @ 18:10 in Business » FINANCE | Views: 77
United Kingdom: Drop of Pound is Boosting Country's Exports UK Pound Photo: EPA

Evidence is emerging that the sharp drop in the pound is boosting UK exports, economists say, BBC reported.

In November, the volume of goods exported rose at a three-month rate of 1.1%, up from the previous report which showed a 2.7% decline, according to the Office for National Statistics (ONS).

Economists say that could be a sign that the fall in value of the pound since June is boosting exports.

It could also be behind a rebound in manufacturing output in November.

"Signs are appearing... that the weaker pound is benefiting the economy, especially in terms of rising goods exports," Chris Williamson chief business economist at IHS Markit said.

"Stronger exports do at least seem to be helping drive manufacturing output higher," he added in a research note.

Paul Hollingsworth UK economist at Capital Economics said there were "encouraging signs" that the drop in the pound was "having a positive impact".

Tags: pound, drop, Boosting, UK, exports, business