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- UK industrial production grew less than expected in August
UK industrial production grew less than expected in August
According to the report from Office for National Statistics, in August 2020, the Index of Production is 6.0% below February 2020, the previous month of "normal" trading conditions, prior to the coronavirus (COVID-19) pandemic.
Production output rose by 0.3% between July 2020 and August 2020, with manufacturing providing the largest upward contribution, rising by 0.7%; electricity and gas also rose (1.6%), partially offset by a fall in mining and quarrying (4.1%). Economists had expected a 2.5% increase.
The monthly increase of 0.7% in manufacturing output was led by other manufacturing and repair; 8 of the 13 subsectors displayed upward contributions.
Total production output increased by 9.3% for the three months to August 2020, compared with the three months to May 2020; this was primarily because of the strength displayed during June and July 2020.
For the three months to August 2020, compared with the three months to August 2019, production output decreased by 8.6%; this was led by a fall in manufacturing of 11.4%.
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