The UK industrial production unexpectedly declined in October, fueling fears for the British economy. The official data of the National Statistics Office show that manufacturing production, which is the bulk of industrial production, as a whole declined by 0.9% on a monthly basis in October. It’s worse than expectations for 0.2% growth and the outcome previous month (+0.6%). The value in October was the weakest since February.
On an annual basis, the manufacturing production decreased by 0.4%, which is also worse than forecasts for growth of 0.8%. In September, the index recorded an increase of 0.1%.
The industrial production, which is a broader indicator, declined by 1.3% on a monthly basis in October, according to the seasonally adjusted data. The expectations were for an increase of 0.2% after last month decreased by 0.4%. The contraction in October was the sharpest since 2012.
On an annual basis, the industrial production decreased by 1.1% in October, which was worse than expectations for a 0.5% increase. In September there was a growth of 0.4%.
One of the fall’s main drivers was a 10.8% decline in oil and gas extraction resulting from a temporary shutdown in the Buzzard oilfield in the North Sea. In October, there was a sharp fall in UK oil output, largely down to the total shutdown of the major Buzzard oilfield. Small falls in output across a range of sectors also contributed to a drop in overall manufacturing.
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