EURIS Brexit Watch - 2018 Issue 5

12 March 2018

The biweekly Brexit Watch report monitors the short-term UK macro economic indicators to assess the impact of the referendum vote and the subsequent triggering of Article 50 on UK economy. The report also monitors indicators in four manufacturing industries, namely, Electrical (SIC 27), Electronic (SIC 26), Mechanical (SIC 28) and Fabricated Metals (SIC 25).

The main points at the end of week 10 in 2018 are as follows:

  • Sterling gains on the US Dollar in week 1 of March 2018 was partially offset in week 2, but the month-to-date average in March 2018 was 12.1% higher than a year earlier.
  • Index of production bounced back to a growth of 1.6% in January 2018, driven by growth in mining & quarrying from the re-opening of Forties oil pipeline after repairs.
  • Construction sector, hits its lowest 12-month growth since March 2013 as output in January 2018 declined by 3.9% to £12.6 billion. Both new construction work and repairs declined.
  • Exports in January 2018 grew by 6.9% to £53.6 billion compared to twelve months earlier and imports also grew by 7.5% to £56.7 billion in the same period.