United Kingdom: Industrial activity contracts at sharpest pace on record in March
Industrial production dropped 4.2% month-on-month in seasonally-adjusted terms in March (February: -0.1% mom). March’s figure marked the worst reading on record.
The weakening was driven by a sharp fall in manufacturing output. In addition, electricity, gas, steam and air conditioning supply output weakened.
On an annual basis, industrial production fell at a more pronounced rate of 8.2% in March (February: -3.4% yoy). The reading marked the worst result since August 2009. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.7% in March, down from February’s minus 2.0%.