United Kingdom: Industrial output rebounds in September
November 6, 2013
In September, industrial production rose 0.9% over the previous month on a seasonally-adjusted basis. The figure contrasted the 1.1% contraction recorded in August and overshot the 0.6% increase the markets had expected.
The improvement was visible in most areas of industrial production. Manufacturing output expanded 1.2% over the previous month, which significantly contrasted the 1.2% contraction recorded in August and slightly overshot market expectations of a 1.1% rise. In addition, mining and quarrying rose 1.5% over the previous month (August: -0.6% month-on-month). Conversely, a slowdown was recorded in water, sewerage and waste.
In annual terms, industrial production rose 2.2%, which contrasted the 1.5% fall seen in the previous month. The figure marked the highest increase since January 2011.
FocusEconomics Consensus Forecast panelists project that industrial production will contract 0.7% in 2013, which is up 0.1 percentage points over the previous month's forecast. For 2014, the panel anticipates that growth in industrial production will rebound and expand 1.3%, which is up 0.3 percentage points from last month's projection.
Author: Dirina Mançellari, Senior Economist