United Kingdom: Industrial production dips for third consecutive month in March
May 11, 2017
Industrial production decreased 0.5% in March, up slightly from February’s revised 0.8% contraction (previously reported: -0.7% month-on-month) but undershooting analysts’ expectations. The result was driven by declines in the manufacturing and electricity, gas, steam and air conditioning sectors, while the water supply, sewerage and waste management, and mining and quarrying sectors grew month-on-month. Electricity generation and gas supply dipped largely due to unseasonably warm weather reducing demand for energy, while the decline in manufacturing was broad-based, with basic metals and metal products providing the most downward pressure.
Industrial production increased 1.4% in March on a yearly basis, down from February’s revised 2.5% (previously reported: +2.8% year-on-year) while annual average growth in industrial production picked up from 1.6% in February to 1.8% in March.
Author: Oliver Reynolds, Economist