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.
Author: Dirina Mançellari, Senior Economist