United Kingdom Industry

United Kingdom

United Kingdom: Industrial output rebounds vigorously in July

September 7, 2012

In July, industrial output soared a seasonally-adjusted 2.9% over the previous month. The reading benefitted from a favourable base effect, as in the preceding month, industrial production had plummeted a revised 2.4% (previously reported: -2.5% month-on-month) amid an additional number of holidays in June. That said, the reading represents the fastest pace of expansion in 25 years and surprised the market on the upside, as analysts expected industrial output to grow 1.5%. The improvement was broad-based, with most categories expanding over the previous month. In particular, manufacturing production increased 3.2%, which contrasted the 2.9% contraction seen in June. The robust figure marked the strongest increase since July 2002 and also overshot market expectations that had factory output rising 1.8%. Compared to the same month last year, industrial output contracted 0.8%, which, nevertheless, represents an improvement over the 3.8% decline recorded in June. In addition, the trend finally halted its downward trend, with annual average growth in industrial output edging up from minus 2.4% in June to minus 2.3% in July.


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United Kingdom Industry Chart

United Kingdom Industry July 2012

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

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