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- UK industrial production increased less than forecast in May
UK industrial production increased less than forecast in May
According to the report from Office for National Statistics, production output rose by 1.4% between April 2019 and May 2019 due to rises from all four main sectors; the manufacturing sector provided the largest upward contribution, rising by 1.4%. Economists had expected a 1.5% increase of production output. Within manufacturing over half of the subsectors fell, so overall growth is due to transport equipment, which rose by 12.4%; this is the strongest rise since April 2005 and is a partial bounceback from the fall of 13.8% during April 2019.
Production output rose by 0.3% for the three months to May 2019, compared with the three months to February 2019, due to rises from all four main sectors, led by mining and quarrying (1.6%), and manufacturing (0.1%). The three-monthly increase in manufacturing is due mainly to widespread strength with 9 of the 13 subsectors increasing; however overall strength is partially offset by a strong fall of 4.6% from transport equipment.
For the three months to May 2019 compared with the same three months to May 2018, production output increased by 0.4%, with notable rises in manufacturing of 0.6% and mining and quarrying of 4.1%; partially offset by a fall of 3.7% from electricity and gas.
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