United Kingdom: Industrial production drops in May
July 10, 2017
Industrial production dipped 0.1% in May on a month-on-month basis, contrasting April’s 0.2% rise and confounding market expectations of a 0.4% rise. The result was driven by contractions 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. Digging down slightly into the figures, the decline in the manufacturing sector was driven by the transport equipment and food products, beverages and tobacco sub-sectors.
Industrial production fell 0.2% in May on a year-on-year basis, up from April’s 0.8% fall, while annual average growth in industrial production dipped from 1.5% in April to 1.4% in May.
Author: Oliver Reynolds, Economist