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Financial News: UK Industrial Output Growth Eases In February

UK Industrial Output Growth Eases In February

04/11/2018 - 05:05:00 (RTTNews)

(RTTNews) - UK industrial production grew at a slower pace on weak mining and manufacturing output in February, the Office for National Statistics said Wednesday.

Industrial output edged up 0.1 percent month-on-month in February, compared to January's 1.3 percent increase. Production was expected to climb 0.4 percent.

Manufacturing output dropped 0.2 percent confounding expectations for a growth of 0.2 percent. This was the first decrease since March 2017. Output had remained flat in January.

Output of mining and quarrying sector decreased 2.7 percent and oil and gas extraction fell 3.2 percent.

On a yearly basis, growth in industrial production accelerated to 2.2 percent in February from 1.2 percent in January. Nonetheless, this was slower than the expected 2.9 percent.

At the same time, manufacturing output growth improved to 2.5 percent from 2.2 percent a month ago. Economists had forecast a faster 3.3 percent growth for February.

Another report from ONS showed that construction output shrank 1.6 percent on month in February, stemming from a 9.4 percent fall in infrastructure new work. The ONS said construction output fell 3 percent year-on-year in February.

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