United Kingdom Industry

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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.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.4% in 2014, which is up 0.3 percentage points over the previous month’s forecast. For 2015, the panel expects that industrial production will increase 1.6%.

Author:, Senior Economist

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United Kingdom Industry Chart

United Kingdom Industry July 2014

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

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