United Kingdom: Industry deteriorates in October
December 9, 2014
In October, industrial production fell 0.1% over the previous month, which contrasted the 0.7% increase recorded in September. October’s figure also contrasted the 0.2% expansion the market had expected.
Manufacturing swung from a 0.6% increase in September to a 0.7% decrease in October, which marked the steepest decrease in five months and contrasted the 0.2% expansion the marked had expected. Mining and quarrying expanded 2.0% in October, which came in below the 3.4% increase observed in the previous month. In addition, growth in the oil and gas extraction sector fell from 4.8% in September to 2.8% in October. Conversely, electricity, gas, steam and air conditioning rebounded from a 3.5% decrease in September to 0.6% increase in October.
In annual terms, industrial production rose 1.1% in October, which was an improvement over the 0.8% increase observed in September. Annual average growth inched down from 1.8% in September to 1.7% in October, and now stands at its lowest level in four months.
Author: Dirina Mançellari, Senior Economist