United Kingdom: Industrial production expands for second month in a row
February 7, 2013
In December, industrial production rose a seasonally adjusted 1.1% over the previous month. The reading represents the second consecutive monthly increase, following the revised 0.2% rise seen in November (previously reported: +0.3% month-on-month), as well as the fastest expansion in five months. In addition, the print overshot market expectations, which had industrial output rising 0.9%.
The stronger pace was mostly underpinned by a rebound in manufacturing production, which swung from a 0.3% mom seasonally-adjusted contraction in November to a robust 1.6% expansion in December, beating market expectations of a 0.8% rise. Meanwhile, output in the mining and quarrying sector moderated the pace in December, but remained in positive territory.
Overall in 2012, industrial production dropped 2.4%, which marked a deterioration compared to the 0.7% contraction seen in 2011