–Apr manufacturing output -1.5% m/m; +1.3% y/y
–Apr industrial production -1.7% m/m; -1.2% y/y
LONDON (MNI) – Manufacturing output plunged at its fastest rate for
more than two years in April as production was hit due to the extra bank
holiday and the impact of the Japanese Tsunami, according to figures
released by National Statistics Friday.
Manufacturing output fell 1.5% on the month in April and was up
1.3% on the year. This was the largest monthly drop since January 2009
and significantly below the median forecast for a decline of 0.4% on the
month and rise of 3.1% on the year.
The disastrous start to the second quarter is likely to heighten
fears over economic growth, although National Statistics said that some
of the latest decline was due to the extra bank holiday in April, the
impact of the Royal Wedding and the effect of the Japanese Tsunami where
car manufacturers had reported a shortage of parts.
Within the 13 manufacturing sub-sectors there were 10 falls on the
month and 3 rises.
Significant declines were seen in transport equipment, machinery
and equipment and basic metals and metal product sectors.
The wider measure of industrial production fell 1.7% on the month
and was down 1.2% on the year. National Statistics said that the warm
weather during the month had hit utilities output which was down 4.9% on
the month.
There was also a revision to the Q1 data which now shows industrial
production fell 0.1% from Q4 compared with the previous estimate of a
rise of 0.2%. National Statistics said this would knock an estimated
0.04 percentage point off quarterly GDP growth in Q1.
–London newsroom 4420 7634 1624 email: drobinson@marketnews.com
[TOPICS: MABDA$,M$B$$$,MT$$$$,MABDS$]
