United Kingdom: Industrial production records modest recovery
May 12, 2011
In March, industrial production increased a seasonally adjusted 0.3% over the previous month. The figure contrasted the 1.2% contraction tallied in February but felt short of market expectations that had production rising 0.8%. In annual terms, industrial output grew just 0.7%, down from the 2.4% year-on-year increase observed in February. The relatively weak rebound in industrial production owed to a modest expansion in the mining and quarrying sector, which grew a paltry 0.4% over the previous month following a 7.2% contraction in February, amid maintenance on oil rigs. In addition, manufacturing production increased 0.2% (February: 0.0% month-on-month), undershooting market expectation of a 0.3% expansion. Owing to the feeble expansion, the trend has begun to point downwards, with average growth in industrial production falling from 2.7% in February to 2.6%.