Market news
12.03.2021, 07:30

UK industrial production fell sharply in January

According to the report from Office for National Statistics, monthly production fell by 1.5% in January 2021 meaning it was 5.0% below its level in February 2020, the last month of "normal" trading conditions prior to the coronavirus (COVID-19) pandemic. Economists had expected a 0.6% decrease.

The decline in production was driven by falls of 2.3% in manufacturing and 0.7% in mining and quarrying; these were offset partially by a rise of 0.9% in electricity and gas and 1.2% in water supply and sewage.

The 2.3% fall in manufacturing means it was 5.7% below its level in February 2020; the fall in manufacturing over the month was driven by lower output in 9 of the 13 manufacturing subsectors, the largest being the fall in manufacturing of transport equipment.

Production output for the three months to January 2021 grew by 0.7% compared with the three months to October 2020.

Production output for the three months to January 2021 fell by 4.1% compared with the three months to January 2020.

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