United Kingdom: Industrial production drops in December
Industrial production fell 1.3% in December over the prior month according to the Office for National Statistics, contrasting November’s revised 0.3% uptick (previously reported: +0.4% month-on-month) and substantially undershooting analysts’ expectations. The result was driven by a sharp decline in the mining and quarrying sub-sector on the back of the closure of the Forties oil pipeline for repairs during most of the month. In contrast, the electricity, gas, steam and air conditioning, water supply, sewerage and waste management, and manufacturing sub-sectors all recorded expansions.
Industrial production was flat year-on-year in December, down from November’s revised 2.6% expansion (previously reported: +2.5% yoy). Annual average growth in industrial production fell from 2.5% in November to 2.1% in December.