United Kingdom: Industrial production ticks up in April
June 9, 2017
Industrial production in the UK rose 0.2% in April on a month-on-month basis, contrasting March’s 0.5% fall but substantially undershooting analysts’ expectations. The result was driven by growth in the manufacturing and electricity, gas, steam and air conditioning sectors, while the water supply, sewerage and waste management, and mining and quarrying sectors fell month-on-month. Digging down slightly into the figures, expansion in the manufacturing sector was driven by transport equipment and the highly erratic pharmaceutical sector, which has seen substantial fluctuations in recent months.
Industrial production dropped 0.8% in April on a year-on-year basis, contrasting March’s 1.4% increase, while annual average growth in industrial production dipped from 1.7% in March to 1.5% in April.
Author: Oliver Reynolds, Economist