United Kingdom: Industry improves in May
July 7, 2015
In May, industrial production rose 0.4% over the previous month, which was above the 0.3% increase observed in April. In addition, May’s figure contrasted the 0.2% contraction the market had expected.
Manufacturing dropped 0.6% in May, which followed the 0.4% decrease seen in April. Conversely, electricity, gas and steam expanded 0.6%, which contrasted the 3.3% decrease seen in April. In addition, mining and quarrying accelerated and grew 4.9% (April: +4.5% year-on-year).
In annual terms, industrial production rose 2.1% in May, which was up from the 1.2% increase observed in the previous month and marked the highest reading in over a year. Moreover, annual average growth in industrial production rose from 1.2% in April to 1.3% in May.
Author: Dirina Mançellari, Senior Economist