United Kingdom: Industrial production declines in August on contraction in manufacturing
Industrial production fell 0.6% in August compared to the prior month, contrasting July’s 0.1% rise. August’s figure was driven by contractions in the manufacturing, mining and quarrying, and electricity, gas, steam and air conditioning subsectors. Lower manufacturing output was partly the result of a decline in volatile pharmaceutical production. In annual terms, industrial production fell 1.8% in August, following July’s revised 1.1% fall (previously reported: -0.9% yoy).
Looking ahead, industrial production is likely to remain sluggish, held back by uncertainty over the UK’s possible departure from the EU and a less favorable external backdrop.