Mon, Mar 27, 2023 @ 20:30 GMT
HomeContributorsFundamental AnalysisUK Manufacturing Production Experiences 0.1% Fall In February

UK Manufacturing Production Experiences 0.1% Fall In February

‘It is clear that industry does not have the momentum required to offset the consumer-led slowdown in the services sector this year.’ – Samuel Tombs, Pantheon Macroeconomics

In February, British total production experienced a 0.7% decrease compared to the previous month, the Office for National Statistics reported on Friday. The revealed figures did not justify experts’ forecasts, as they expected to see a 0.3% increase. The decline was registered in all four major sectors. Nevertheless, the largest drop occurred in the electricity and gas industry, where downfall reached 3.4%. It was attributable to lower electricity generation and gas supply amid unusually high temperatures. Another major fall happened in the pharmaceutical, chemical products and crude petroleum industries, where growth plunged 4.4%, 2.1% and 2.6%, accordingly. In contrast, the largest gains were posted by the textiles and electrical equipment industries, where production increased 3.0% and 2.3%, respectively. However, it was not enough to offset the overall negative output of the manufacturing sector, which lost 0.1%, due to the erratic performance of pharmaceutical industry. Nevertheless, on a yearly basis, total production advanced 2.8% in February. Three out of four major sectors showed positive results. Yet, the largest contribution was made by the manufacturing sector, which posted a 3.3% increase, following a gain of 2.6% in the previous month.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading