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The U.K. Office for National Statistics released manufacturing and industrial production figures on Wednesday. Manufacturing production in the U.K. fell 0.5% in January, missing expectations for a 0.3% rise, after a 0.1% rise in December.
The decline was driven by lower output in the computer, electronic and optical sector. Output dropped by 9.5%, the biggest monthly decline since early 2002.
On a yearly basis, manufacturing production in the U.K. increased 1.9% in January, after a 2.6% rise in December. December's figure was revised up from a 2.4% gain.
Industrial production in the U.K. decreased 0.1% in January, missing forecasts of a 0.2% rise, after a 0.2% decline in December.
The U.K. oil and gas production rose 2.4% in January as production at North Sea oil and gas fields increased.
On a yearly basis, industrial production in the U.K. rose 1.3% in January, after a 0.8% gain in December. December's figure was revised up from a 0.5% rise.
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