United Kingdom: Industrial production rebounds despite a decline in manufacturing
April 5, 2012
In February, industrial production added a seasonally adjusted 0.4% over the previous month. The figure contrasted the revised 0.6% decline recorded in January (previously reported: -0.4% month-on-month) but was in line with market expectation. The monthly increase was underpinned by robust growth in mining and quarrying, in particular oil and gas extraction, as well as in electricity, gas steam and air conditioning supply. In contrast, manufacturing output recorded a 1.0% contraction, which followed a 0.3% decline in January and defied expectations of a 0.1% increase. Compared to the same month last year, industrial production decreased 2.3% which represents an improvement over the 4.0% drop seen in January. Nevertheless, annual average growth in industrial output continues to point downwards, falling from minus 1.8% in January to minus 2.1%.