United Kingdom: Industrial production rebounds in February
April 9, 2013
In February, industrial production increased 1.0% over the previous month, which contrasts the revised 1.3% drop tallied in January (previously reported: -1.2% month-on-month) and beat market expectations of a 0.4% rise.
The improvement was underpinned by stronger manufacturing output, which swung from a revised 1.9% contraction in January (previously reported: -1.5% mom) to a 0.8% expansion in February, overshooting market expectations of a 0.4% increase. Output in mining and quarrying as well as in electricity, gas, steam and air conditioning also picked up in February.
In annual terms, industrial production contracted 2.2%, which, nevertheless, represents an improvement over the 3.1% decline seen in January. However, annual average growth in industrial production remained stable at minus 2.3%.
FocusEconomics Consensus Forecast panellists project industrial production to contract 0.6% in 2013, which is down 0.5 percentage points over the previous month's forecast. For 2014, the panel anticipates growth in industrial production to rebound and expand 1.2%.