United Kingdom: March industrial output drops amid lower oil and gas extraction
May 10, 2012
In March, industrial production decreased a seasonally adjusted 0.3% over the previous month. The reading contrasted the 0.4% expansion seen in February but was in line with market expectations. The drop was the result of lower output in mining and quarrying, in particular oil and gas extraction, which dropped 3.8% over the previous month. Meanwhile, manufacturing output expanded 0.9%, which contrasted the 1.1% decline recorded in February and beat market expectations of a 0.5% increase. Compared to the same month last year, industrial output fell 2.6%, which marked a deterioration compared to the 2.3% drop observed in February. As a result, annual average growth in industrial output continued to point downwards, inching down from minus 2.1% in February to minus 2.2%.