United Kingdom: Industrial production perks up in January
Industrial production rose 1.3% in January over the prior month according to the Office for National Statistics, contrasting December’s 1.3% drop but slightly undershooting analysts’ expectations. The result was driven by a surge in the mining and quarrying sub-sector thanks to the reopening of the Forties oil pipeline following repairs. In contrast, the manufacturing sub-sector recorded a tepid expansion, while the electricity, gas, steam and air conditioning, and water supply, sewerage and waste management sub-sectors both declined.
Industrial production increased 1.6% year-on-year in January, after December’s flat reading. Annual average growth in industrial production fell from 2.1% in December to 1.9% in January.