United Kingdom Industry

United Kingdom

Industrial production rebounds in February

In February, industrial production increased 1.0% over the previous month, which contrasts the revised 1.3% drop tallied in January (previously reported: -1.2% month-on-month) and beat market expectations of a 0.4% rise.

The improvement was underpinned by stronger manufacturing output, which swung from a revised 1.9% contraction in January (previously reported: -1.5% mom) to a 0.8% expansion in February, overshooting market expectations of a 0.4% increase. Output in mining and quarrying as well as in electricity, gas, steam and air conditioning also picked up in February.

In annual terms, industrial production contracted 2.2%, which, nevertheless, represents an improvement over the 3.1% decline seen in January. However, annual average growth in industrial production remained stable at minus 2.3%.

FocusEconomics Consensus Forecast panellists project industrial production to contract 0.6% in 2013, which is down 0.5 percentage points over the previous month's forecast. For 2014, the panel anticipates growth in industrial production to rebound and expand 1.2%.


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United Kingdom Industry Chart

United Kingdom Industry February 2013

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

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