United Kingdom: Industrial activity dips in February
Industrial output fell 0.6% month-on-month in seasonally-adjusted terms in February (January: +0.7% mom). February’s figure was partly due to a deterioration in manufacturing production—particularly of transport equipment and chemicals. In addition, electricity, gas, steam and air conditioning supply output weakened.
On an annual basis, factory output rose at a more moderate pace of 1.6% in February (January: +3.1% yoy). Meanwhile, annual average growth of industrial production came in at 6.9%, up from January’s 6.5%. As a result, the industrial sector remains 1.9% below its pre-pandemic levels, hampered by global supply constraints, surging input prices and Brexit.