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- UK industrial production rose more than forecast in July
UK industrial production rose more than forecast in July
According to the report from Office for National Statistics, in July 2020, the Index of Production (IoP) was 7.0% below February 2020, the previous month of "normal" trading conditions, prior to the coronavirus (COVID-19) pandemic.
Production output rose by 5.2% between June and July 2020. Economists had expected a 0.3% increase. Manufacturing providing the largest upward contribution, rising by 6.3%; there were also rises from electricity and gas (2.7%), water and waste (2.4%) and mining and quarrying (0.7%).
The monthly increase of 6.3% in manufacturing output was led by transport equipment, which rose by 18.5%; all of the 13 subsectors displayed upward contributions.
Total production output decreased by 3.5% for the three months to July 2020, compared with the three months to April 2020; this was led by manufacturing output, which fell by 4.4%.
For the three months to July 2020, compared with the three months to July 2019, production output decreased by 13.5%; this was led by a fall in manufacturing of 15.7%, where 12 of the 13 subsectors displayed downward contributions.
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