United Kingdom: Industry improves in March
May 12, 2015
In March, industrial production rose 0.5% over the previous month, which followed the 0.1% increase observed in February and marked a six-month high. March’s figure came in above the flat growth the market had expected.
Growth in manufacturing slightly decelerated from 0.5% in February to 0.4% in March. Mining and quarrying expanded 2.6% in March, which contrasted the 2.6% decrease tallied in the previous month. In addition, the oil and gas extraction sector expanded 4.9% (February: -3.7% month-on-month). Finally, electricity, gas, steam and air conditioning contracted 1.1%, which was a deterioration over the 1.4% increase seen in February.
In annual terms, industrial production rose 0.7% in March, which was up from the 0.1% increase observed in February. However, annual average growth in industrial production fell from 1.4% in February to 1.2% in March, hitting an 11-month low.
Author: Dirina Mançellari, Senior Economist