United Kingdom: Industrial output flat in May
July 9, 2013
In May, industrial production was flat over the previous month on a seasonally adjusted basis. The figure follows a 0.1% decline in April but undershot market expectations of a 0.2% increase.
Manufacturing output fell yet again and contracted 0.8% over the previous month (April: -0.2% month-on-month), contrasting market expectations of a 0.4% expansion. Electricity, gas, steam and air conditioning output as well as water, sewerage and waste also fell over the previous month, whereas mining and quarrying recorded positive growth in May.
In annual terms, industrial production fell 2.3%, which was below the 1.4% contraction recorded in April. As a result, the trend is not pointing downwards, with annual average growth in industrial production inching down from minus 2.5% in April to minus 2.6% in May.
FocusEconomics Consensus Forecast panellists project industrial production to contract 0.7% in 2013, which is up 0.1 percentage points over the previous month's forecast. For 2014, the panel anticipates growth in industrial production to rebound and expand 1.3%.