United Kingdom: Industrial production ticks up in October; overall picture remains gloomy
Industrial production rose 0.1% in October compared to the prior month, following September’s 0.3% contraction. October’s figure was driven by growth in the manufacturing and electricity and gas subsectors. However, the overall picture is still one of a sector struggling to find its feet, as industrial production contracted notably in the three months to October. In annual terms, industrial production fell 1.3%, following September’s 1.4% drop.
Looking ahead, while our panelists see industrial production recovering somewhat in 2020, it is likely to remain sluggish, held back by uncertainty over the UK’s future trading relationship with the EU and a tough external environment.