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UK industrial production rose sharply in March
According to the report from Office for National Statistics, monthly production grew by 1.8% between February 2021 and March 2021 but remained 1.8% below its February 2020 level, the last month of "normal" trading conditions prior to the coronavirus (COVID-19) pandemic. Economists had expected a 1.0% increase.
The growth in production was driven by increases of 2.1% in manufacturing, 1.1% in water supply and sewerage, and 2.5% in mining and quarrying; these were offset partially by a fall in electricity and gas of 0.2%.
The 2.1% rise in manufacturing over the month was driven by higher output in 10 of the 13 manufacturing subsectors, the largest being a rise of 8.3% in manufacturing of machinery and equipment.
Production output for the three months to March 2021 (Quarter 1 2021) fell by 0.4% compared with the three months to December 2020 (Quarter 4 2020).
The coronavirus pandemic has had a generally negative impact on production output, although each sector has been affected differently: manufacturing output remains 2.2% below its February 2020 level and mining and quarrying is 10.2% below; however, electricity and gas is 1.9% above its February 2020 level and water supply and sewerage is 3.6% above.
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