United Kingdom: Industrial production declines in January
March 11, 2020
Industrial production fell 0.1% in January compared to the prior month, contrasting December’s 0.1% increase. January’s reading was driven by lower electricity and gas output due to warmer-than-usual temperatures.
In annual terms, industrial production fell 2.9% in January, following December’s 1.8% decline.
Looking ahead, Covid-19 will likely weigh heavily on industrial output in the near term due to the UK’s current lockdown and weaker external demand.
Author: Oliver Reynolds, Economist