In March, industrial production decreased a seasonally adjusted 0.3% over the previous month. The reading contrasted the 0.4% expansion seen in February but was in line with market expectations. The drop was the result of lower output in mining and quarrying, in particular oil and gas extraction, which dropped 3.8% over the previous month. Meanwhile, manufacturing output expanded 0.9%, which contrasted the 1.1% decline recorded in February and beat market expectations of a 0.5% increase. Compared to the same month last year, industrial output fell 2.6%, which marked a deterioration compared to the 2.3% drop observed in February. As a result, annual average growth in industrial output continued to point downwards, inching down from minus 2.1% in February to minus 2.2%.
United Kingdom Industry
March industrial output drops amid lower oil and gas extraction
May 10, 2012
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United Kingdom Industry Chart
Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Office for National Statistics (ONS).
United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.