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Market news

10 October 2019

UK industrial production fell more than forecast in August

According to the report from Office for National Statistics, total production output fell by 0.4% for the three months to August 2019, compared with the three months to May 2019; falls in manufacturing (1.1%) and mining and quarrying (2.3%) were partially offset by rises in electricity and gas (3.2%) and water and waste (1.6%). The three-monthly fall in manufacturing of 1.1% is because of widespread weakness with 11 of the 13 subsectors decreasing; this was led by food, beverages and tobacco (2.0%) and computer, electronic and optical products (3.5%).

Production output fell by 0.6% between July 2019 and August 2019. Economists had expected a 0.1% decrease. Manufacturing provided the largest downward contribution (0.7%), supported by electricity and gas (0.7%) and mining and quarrying (1.0%). The 0.7% monthly decrease in manufacturing output was widespread with falls in 10 of the 13 subsectors; the largest downward contribution came from a 4.7% fall in basic pharmacutical products.

For the three months to August 2019, production output decreased by 1.3%, compared with the same three months to August 2018; led by a fall in manufacturing of 1.5%.

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