UK industrial output declines in January
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the Office for National Statistics (ONS), industrial production in the UK unexpectedly declined 0.1% month over month in January due to lower computer and electronics production. Economists’ initial estimates called for a 0.2% increase in a survey conducted by Bloomberg.
Production in the computer, electronic and optical sectors slid 9.5% in January, posting the biggest monthly decline since 2002 while the country’s manufacturing output also decreased 0.5% on a monthly basis. However, the UK’s and gas production rose 2.4% on the month due to higher production at North Sea oil and gas fields.
On a yearly basis, meanwhile, the country’s industrial output climbed 1.3% while manufacturing rose 1.9% when compared to the same period of the last year.
In last quarter of 2014, the UK economy posted the slowest quarterly economic growth in a year with a growth rate of 0.5% while the country’s economy grew 2.6% to post the fastest growth in seven years for the full year of 2014.
Production in the computer, electronic and optical sectors slid 9.5% in January, posting the biggest monthly decline since 2002 while the country’s manufacturing output also decreased 0.5% on a monthly basis. However, the UK’s and gas production rose 2.4% on the month due to higher production at North Sea oil and gas fields.
On a yearly basis, meanwhile, the country’s industrial output climbed 1.3% while manufacturing rose 1.9% when compared to the same period of the last year.
In last quarter of 2014, the UK economy posted the slowest quarterly economic growth in a year with a growth rate of 0.5% while the country’s economy grew 2.6% to post the fastest growth in seven years for the full year of 2014.
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