United Kingdom: Industry rebounds in September
November 6, 2014
In September, industrial production rose 0.6% over the previous month, which contrasted the 0.1% decrease recorded in August. September’s figure overshot market expectations of a 0.4% increase and marked the highest reading since February.
Growth in manufacturing accelerated from 0.2% in August to 0.4% in September, which slightly overshot the 0.3% increase the market had expected. Mining and quarrying expanded 3.8% in August, which contrasted the 1.8% contraction observed in the previous month. In addition, oil and gas extraction rebounded from a 2.5% decrease in August to a 5.2% increase in September, which marked the fastest growth pace in seven months. Electricity, gas, steam and air conditioning decelerated from a 0.8% increase in August to a 4.5% drop in September.
In annual terms, industrial production rose 1.5% in September, which was below August’s 2.2% increase. Annual average growth inched down from 2.6% in August to 2.5% in September.
Author: Dirina Mançellari, Senior Economist