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- UK industrial production rose sharply in October
UK industrial production rose sharply in October
According to the report from Office for National Statistics, production output rose by 1.3% between September 2020 and October 2020, with all sectors showing growth: manufacturing rose by 1.7%; electricity and gas rose by 0.3%; mining and quarrying rose by 0.2%; and water supply rose by 0.6%. Industrial production was expected to grow by 0.3%.
In October 2020, the index of production was 4.4% below February 2020, the previous month of “normal” trading conditions prior to the coronavirus (COVID-19) pandemic.
The monthly increase of 1.7% in manufacturing output was led by manufacturing of transport equipment; 11 of the 13 subsectors displayed upward contributions.
Total production output increased by 7.6% for the three months to October 2020, compared with the three months to July 2020; this was primarily because of the strength displayed during July 2020.
For the three months to October 2020, compared with the three months to October 2019, production output decreased by 6.1%; this was led by a fall in manufacturing of 7.8%.
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