United Kingdom Industry

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United Kingdom: Industrial output drops in May

July 8, 2014

In May, industrial production fell 0.7% over the previous month in seasonally-adjusted terms, which contrasted the 0.3% rise recorded in April. May’s drop took the markets by surprise as they had expected industrial output to expand 0.3%.

Manufacturing output fell from April’s 0.3% rise to a 1.3% contraction in May. This decline also came as a surprise to the markets as they had expected production to expand 0.4%. Mining and quarrying rose 0.8% over the previous month, which contrasted the 1.1% drop recorded in April. Oil and gas output increased 0.9% in May, which also contrasted the 2.2% drop recorded in April. Conversely, electricity, gas, steam and air conditioning supply decelerated from the 4.4% rise seen in April to a 3.8% expansion. Finally, water, sewerage and waste management fell 2.6% in May, which was down from the 0.9% drop recorded in April.

In annual terms, industrial production rose 2.3% in May, which was slightly below April’s 2.9% increase. Annual average growth increased from 1.2% in April to 1.6% in May and marked the highest level since July 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%.


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United Kingdom Industry Chart

United Kingdom Industry May 2014

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

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