United Kingdom: Industrial production falls in May
July 10, 2018
Industrial production fell 0.4% in May over the prior month according to the Office for National Statistics, up slightly from April’s revised 1.0% decline (previously reported: -0.8% month-on-month). The result was driven by a sharp contraction in the mining and quarrying sub-sector—due to a shutdown at an oil and gas terminal—and a decline in the electricity, gas, steam and air conditioning sub-sector, on warmer-than-average temperatures. In contrast, the manufacturing grew following several months in contractionary territory, while the water supply, sewerage and waste management sub-sector also expanded month-on-month.
Industrial production increased 0.8% year-on-year in May, down from April’s revised 1.6% increase (previously reported: +1.8% year-on-year). Annual average growth in industrial production was unchanged at 2.1% in May.
Author: Oliver Reynolds, Economist