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- UK industrial production growth accelerated slightly in September
UK industrial production growth accelerated slightly in September
According to the report from Office for National Statistics, production output rose by 0.5% between August 2020 and September 2020, with all sectors showing growth: manufacturing rose by 0.2%; electricity and gas rose by 0.4%; mining and quarrying rose by 1.3%; and water supply rose by 1.7%. Economists had expected a 0.8% increase.
In September 2020, the Index of Production (IoP) was 5.6% below February 2020, the previous month of "normal" trading conditions, prior to the coronavirus (COVID-19) pandemic.
The monthly increase of 0.2% in manufacturing output was led by manufacturing of transport equipment; 10 of the 13 subsectors displayed upward contributions.
Total production output increased by 14.3% for the three months to September 2020 (Quarter 3), compared with the three months to June 2020 (Quarter 2); this was primarily because of the strength displayed during July 2020.
For the three months to September 2020, compared with the three months to September 2019, production output decreased by 6.7%; this was led by a fall in manufacturing of 8.8%.
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