UK industrial production positively surprises in April

The Office for National Statistics (ONS) published the UK industrial and manufacturing production data this Wednesday, revealing that the manufacturing sector activity unexpectedly jumped the most in almost four years, driving the overall industrial output higher in April.

Manufacturing output rose 2.3% in April versus a 0.1% increase seen in March, while total industrial output expanded 2% m/m, after climbing 0.3% in March. Markets had predicted no growth for both the readings in April.

On annualized basis, UK manufacturing production was up 0.8%, compared with expectations for a 1.5% contraction. Total industrial output rose 1.6% from a year earlier, while it was predicted to have dropped 0.4%.

As ONS reported, the main drivers were exports of pharmaceuticals and higher demand for cars, while electricity and gas production also contributed to the rebound in the headline numbers.