United Kingdom Industry

United Kingdom

United Kingdom: Industry swings to expansion in February

March 11, 2015

In February, industrial production rose 0.1% over the previous month, which contrasted the 0.1% drop observed in January. February’s figure came in below the 0.3% expansion the market had expected.

Manufacturing swung from a 0.6% contraction in January to a 0.4% expansion in February. Mining and quarrying contracted 2.7% in February, which contrasted the 1.9% increase tallied in the previous month. In addition, the oil and gas extraction sector contracted 3.8% (January: +2.4% month-on-month). Finally, electricity, gas, steam and air conditioning grew 1.2%, which was down from the 1.4% increase seen in January.

In annual terms, industrial production rose 0.1% in February, which was a deterioration over the 1.2% rise seen in the previous month. In addition, annual average growth in industrial production fell from 1.6% in January to 1.4% in February, hitting a 10-month low.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.6% in 2015, which is unchanged over the previous month’s forecast. For 2016, the panel expects that industrial production also will increase 1.6%.

Author:, Senior Economist

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United Kingdom Industry Chart

United Kingdom Industry February 2015

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Office for National Statistics (ONS).

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