UK industrial output slows as manufacturing, construction decline
UK industrial production shrank 0.4% in January compared to December, the Office for National Statistics said, less than the 0.5% decline forecast by economists but down from the previous month's 1.1% rise.
Compared to January last year, industrial production picked up 3.2%, as expected but down from the December's 4.3% increase.
Manufacturing production was down 0.9% month-on-month, worse than the 0.7% consensus forecast fall, following the previous 2.2%. Year-on-year, manufacturing output grew 2.7% versus the 2.9% consensus and the revised previous 4.2%.
Construction output fell 0.4% versus a consensus for a drop of 0.2%, also deteriorating from the previous month's 1.8% improvement.
On a yearly basis, construction grew 2.0%, well up on the 0.3% expected but slower than the revised previous 2.6%. ■