United Kingdom: Industrial production declines in April
June 11, 2018
Industrial production fell 0.8% in April over the prior month according to the Office for National Statistics, contrasting March’s 0.1% rise and undershooting analysts’ expectations. The result was driven by a sharp contraction in manufacturing, which was the largest since 2012 and stemmed from the weakness of both exports and domestic activity. In addition, the electricity, gas, steam and air conditioning; and water supply, sewerage and waste management sub-sectors saw pronounced declines. The mining and quarrying sub-sector expanded strongly month-on-month.
Industrial production increased 1.8% year-on-year in April, down from March’s 2.9% expansion. Annual average growth in industrial production rose from 1.7% in March to 1.9% in April.
Author: Oliver Reynolds, Economist