AUTOREFRESH 
UK DATA: Dec manufacturing output +1% m/m; +0.8% y/y.
UK DATA: Dec manufacturing output +1% m/m; +0.8% y/y
–Dec industrial production +0.5% m/m; -3.3% y/y
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Manufacturing output bounced back sharply in Dec to rise at its
fastest pace for 7 months, but overall the production sector will hit
GDP in Q4. Manufacturing output rose 1% m/m and 0.8% y/y, way above the
median for gains of 0.2% and 0.3% respectively. The figures, along with
buoyant data from the manufacturing PMI in January, point to a sector
that could be recovering following the recent downturn. The wider
measure of industrial production rose 0.5% on the month and was down
3.3% on the year, also above the median for a monthly gain of 0.2% and
fall of 3% on the year. Industrial production was down 1.4% between Q3
and Q4, in line with the 1.2% drop estimated when calculating the
preliminary Q4 GDP figures, implying only a marginal downward impact of
less that 0.05 percentage point on quarterly GDP growth.
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