United Kingdom: Industrial output plummets in September amid North Sea oil platforms maintenance
November 6, 2012
In September, industrial output contracted 1.7% over the previous month in seasonally adjusted terms. The reading represents a deterioration over the 0.5% decline recorded in August and undershot market expectations of a 0.6% contraction. The subdued reading reflects a severe decline in mining and quarrying sector, which recorded its largest drop in over 12 years (-15.3% month-on-month) as a result of maintenance on the North Sea oil rigs. That said, manufacturing output also disappointed by increasing a paltry 0.1%, which contrasted the 1.2% drop seen in August but came in below market expectations of a 0.4% increase. In annual terms, industrial output decreased 2.6%, which was well below the revised 1.0% contraction seen in August (previously reported: -1.2% year-on-year). As a result, the trend is pointing down again, with annual average growth in industrial output edging down from minus 2.3% in August to minus 2.4% in September.