UK industrial production drops 1.2% in November

UNITED STATES (OBSERVATORY NEWS)

The volume of industrial production in the UK in November fell by 1.2% compared with the previous month, and in annual terms – by 1.6%, according to the National Statistical Office (ONS).

Analysts interviewed by Reuters forecast that industrial production in the reporting month fell by 0.1% on a monthly basis, and on an annualized basis by 1.4%.

The volume of production in the UK manufacturing industry in November in monthly terms decreased by 1.7%, and in annual terms – by 2%. Experts expected a decrease in the indicator in monthly terms by 0.3%, in annual terms – by 1.7%.

As Vesti.Ekonomika wrote , the UK economy unexpectedly contracted in November, ahead of the country’s parliamentary elections.

UK GDP in November fell by 0.3% compared with the previous month. Analysts surveyed by Bloomberg averaged zero growth.

The November result means that the economy should show growth of 0.1-0.2% in December in order to avoid a reduction in the fourth quarter.

In annual terms, GDP in November grew by only 0.6%, at the lowest rate since June 2012. According to revised data, in October annualized GDP growth amounted to 1%, rather than 0.7%, as previously reported.

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