United Kingdom: Expansion in industrial production moderates in March
May 20, 2014
In March, industrial production fell 0.1% over the previous month in seasonally-adjusted terms, which contrasted the revised 0.8% rise recorded in February (previously reported: +0.9% month-on-month). March’s reading was on par with the 0.1% drop that markets had expected.
Manufacturing output growth decelerated from February’s 1.0% to 0.5% in March, which overshot the 0.3% rise that market had expected. Mining and quarrying swung from a 5.0% expansion in February to a 2.8% contraction in March. In addition, oil and gas output contracted 5.0% in March, which greatly contrasted the 9.3% rise tallied in February. Conversely, electricity, gas, steam and air conditioning supply rebounded from a 6.9% drop in February to a 0.5% expansion in March.
In annual terms, industrial production rose 2.3% in March, which was below the 2.5% increase recorded in February. Annual average growth continued to increase from 0.6% in February to 0.9% in March, which is the highest level since August 2011.