12 May 2015
UK’s total industrial production in March beats estimates
FXStreet (Mumbai) - Total industrial production rose above estimates in March and above February's slight rise after manufacturing performed better than expectations and mining and quarrying had a monthly rebound.
The UK's industrial production rose above estimates to 0.5% in March after mining and quarrying output rose to its highest levels in six months and manufacturing performed better than expectations, rising 0.4%, figures from the Office for National Statistics (ONS) showed on Tuesday.
The extraction of crude oil and natural gas was up 4.9% in March, the highest rate since February of last year.
Contributing to the unexpected rise in manufacturing was an increase in basic pharmaceutical products which was up 6.7% and an increase in the manufacturing of rubber and plastic products.
On annual basis, total production rose 0.7% against expectations and February's reading of a rise of 0.1%. Mining and quarrying had a negative effect on y/y with a fall of 2.6%.
While, manufacturing output y/y showed a rise of 1.1% with output up in 8 of the 13 sub sectors. This data comes in slightly lower than February's upwardly revised y/y reading.
Today's release also showed first-quarter growth in total industrial production was revised to 0.1%, up from a decline of 0.1% reported in the first estimate of GDP. This was primarily due to upward revisions to output in mining and quarrying.
The UK's industrial production rose above estimates to 0.5% in March after mining and quarrying output rose to its highest levels in six months and manufacturing performed better than expectations, rising 0.4%, figures from the Office for National Statistics (ONS) showed on Tuesday.
The extraction of crude oil and natural gas was up 4.9% in March, the highest rate since February of last year.
Contributing to the unexpected rise in manufacturing was an increase in basic pharmaceutical products which was up 6.7% and an increase in the manufacturing of rubber and plastic products.
On annual basis, total production rose 0.7% against expectations and February's reading of a rise of 0.1%. Mining and quarrying had a negative effect on y/y with a fall of 2.6%.
While, manufacturing output y/y showed a rise of 1.1% with output up in 8 of the 13 sub sectors. This data comes in slightly lower than February's upwardly revised y/y reading.
Today's release also showed first-quarter growth in total industrial production was revised to 0.1%, up from a decline of 0.1% reported in the first estimate of GDP. This was primarily due to upward revisions to output in mining and quarrying.