UK industrial production fell by 0.4% in September

UK industrial production fell by 0.4% mom in September, according to data of the National Statistical Service. The main sectors responsible for the decline is mining, which reported a decrease of 3.8%. However, partially the industrial production decrease was offset by 0.6% growth in industry, which accounts for about 70% of industrial production.

On year-on-year basis the UK industrial production reported 0.3% growth in September, reached by three of the four main sectors. The largest positive impulse is coming from the sector for supply of waste management.

National Statistical Office indicated and that these are first quarterly data on industrial production after the Brexit referendum, as it is decreased during this period.

The report includes the volume output of British factories, oil rigs and chemical plants, which decreased by 0.5% in the third quarter compared to the previous quarter. This is primarily due to the decrease in industry, amounting to 0.9%. The decrease was partly offset by a 4.3% increase in mining and production of a number of commodities, which category includes oil fields in the North Sea.

UK industrial production accounts about 15% of gross domestic product of the country’s economy.

According to the economists, the decline in September mainly reflects the volatility in oil and the impact of unusually warm weather on the demand for heating.

more recommended stories