United Kingdom: Growth in industrial output accelerates in July
September 9, 2014
In July, industrial production rose 0.5% over the previous month in seasonally-adjusted terms, which followed the 0.3% rise recorded in June. July’s increase overshot the 0.2% increase the market had expected and marked the fastest rise in five months.
Mining and quarrying rebounded from a 1.0% decrease in June to a 0.4% increase in July. In addition, oil and gas extraction increased 0.5% over the previous month (June: -1.3% month-on-month). An improvement also was recorded in electricity, gas, steam and air conditioning, which accelerated to a 3.6% rise in July (June: +0.9% mom). Conversely, growth in manufacturing output was stable at June’s 0.3%, which met market expectations. Finally, water, sewerage and waste management fell 1.7% in July, which was up from the 2.5% drop tallied in June.
In annual terms, industrial production rose 1.7% in July, which was above June’s 1.2% increase. Annual average growth rose from 1.6% in June to 1.8% in July and now sits at its highest rate since June 2011.
Author: Dirina Mançellari, Senior Economist