United Kingdom: Industry decelerates in June
August 6, 2015
In June, industrial production contracted 0.4% in seasonally-adjusted terms over the previous month, which contrasted the 0.3% increase recorded in May and marked the lowest reading in 13 months. June’s figure also was a decrease over the 0.1% expansion the markets had expected. Manufacturing increased 0.2% in June, an improvement over the 0.6% decrease seen in the previous month. Conversely, electricity, gas and steam dropped 0.3%, which contrasted the 1.6% increase seen in May. In addition, mining and quarrying deteriorated and dropped 3.8% (May: +4.6% month-on-month).
In annual terms, industrial production expanded 1.5% over the same month last year, which marked a deterioration over the 1.9% increase recorded in May. However, annual average growth in industrial production inched up from 1.2% in May to 1.3% in June.
Author: Dirina Mançellari, Senior Economist