United Kingdom Industry

United Kingdom

Industrial output plummets in September amid North Sea oil platforms maintenance

In September, industrial output contracted 1.7% over the previous month in seasonally adjusted terms. The reading represents a deterioration over the 0.5% decline recorded in August and undershot market expectations of a 0.6% contraction. The subdued reading reflects a severe decline in mining and quarrying sector, which recorded its largest drop in over 12 years (-15.3% month-on-month) as a result of maintenance on the North Sea oil rigs. That said, manufacturing output also disappointed by increasing a paltry 0.1%, which contrasted the 1.2% drop seen in August but came in below market expectations of a 0.4% increase. In annual terms, industrial output decreased 2.6%, which was well below the revised 1.0% contraction seen in August (previously reported: -1.2% year-on-year). As a result, the trend is pointing down again, with annual average growth in industrial output edging down from minus 2.3% in August to minus 2.4% in September.


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United Kingdom Industry Chart

United Kingdom Industry September 2012

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Office for National Statistics (ONS).

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