United Kingdom: Industrial output expands at the fastest pace in eight months in February
April 8, 2014
In February, industrial production rose 0.9% over the previous month in seasonally-adjusted terms, which came in above the revised flat growth recorded in January (previously reported: +0.1% month-on-month) and marked the strongest expansion since June 2013. February's growth came in above the 0.3% expansion that markets had expected.
Manufacturing output growth accelerated from January's 0.3% to 1.0% in February, which overshot the 0.3% rise that market had expected. Mining and quarrying swung from a 3.2% contraction in January to a 3.5% expansion in February. In addition, oil and gas output expanded 6.7% in February, which greatly contrasted the 5.0% contraction recorded in January. Conversely, electricity, gas, steam and air conditioning supply tumbled further from a 0.7% drop in January to a 2.8% fall in February.
In annual terms, industrial production rose 2.7% in February, which was a tad below the 2.8% increase recorded in January (previously reported: +2.7% year-on-year). Annual average growth increased from 0.2% in January to 0.6% in February, which is the highest level since August 2011.
FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.9% in 2014, which is unchanged over the previous month's forecast. For 2015, the panel expects that industrial production will increase 1.5%.