United Kingdom: Industrial production slips in June, rounding off a poor Q2
August 9, 2019
Industrial production fell 0.1% in June over the prior month according to the Office for National Statistics, contrasting May’s revised 1.2% rise (previously reported: +1.4% month-on-month) and driven by a contraction in the manufacturing sector. Industrial production fell 0.6% in annual terms in June, contrasting May’s revised 0.5% increase (previously reported: +0.9% year-on-year).
June’s reading rounded off a weak second quarter, as de-stocking by firms following the Brexit delay dampened manufacturing output. Looking ahead, industrial production is likely to remain sluggish, likely held back by weaker external prospects for businesses following departure from the EU.
Author: Oliver Reynolds, Economist