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- UK industrial production rose 1% in February, exceeding forecasts
UK industrial production rose 1% in February, exceeding forecasts
According to the report from Office for National Statistics, monthly production increased by 1.0% in February 2021 meaning it was 3.5% below its level in February 2020, the last month of "normal" trading conditions prior to the coronavirus (COVID-19) pandemic. Economists had expected a 0.5% increase.
The increase in production was driven by increases of 1.3% in manufacturing, 1.4% in water supply and sewage, and 0.5% in electricity and gas; these were offset partially by a fall in mining and quarrying of 2.1%.
The 1.3% rise in manufacturing means it was 4.2% below its level in February 2020; the rise in manufacturing over the month was driven by higher output in 7 of the 13 manufacturing subsectors, the largest being a rise of 9% in manufacturing of computer, electronic and optical products.
Production output for the three months to February 2021 fell by 0.1% compared with the three months to November 2020.
Production output for the three months to February 2021 fell by 3.3% compared with the three months to February 2020.
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