–Feb manufacturing output +1.3% m/m; +1.4% y/y
–Feb industrial production +1% m/m; -0.1% y/y
LONDON (MNI) – Manufacturing output bounced back sharply in
February, taking annual growth to its highest level for two
years, according to figures released by National Statistics Thursday.
Manufacturing output rose 1.3% on the month in February to
stand 1.4% above levels a year earlier, the highest annual rise since
February 2008.
Analysts had forecast a more moderate increase of 0.5% on the
month and of 0.9% on the year.
National Statistics said that there was some evidence that strength
in the February data represented a bounceback from the fall in output
seen in January due to the poor weather.
On the month in February there were rises in 11 out of the 13
manufacturing sub-sectors. The largest increases were seen in the
electrical and optical equipment and non-metallic minerals sectors where
growth was up 3.2% and 9.2% on the month respectively.
The data appear to suggest that the plunge in January was a blip
and that the series is moving more into line with evidence from the CIPS
Purchasing Managers’ Index, which hit a 15-year high of 57.2 in March.
In the 3 months to February, manufacturing output was up a healthy
0.8% compared with the previous 3 months, suggesting output is likely to
add positively to GDP growth in the first quarter.
The wider measure of industrial production rose 1% on the month and
was down 0.1% on the year. Production was weakened slightly by falls in
both the output of the utilities industries and mining and quarrying.
Electricity, gas and water supply output fell 0.5% on the month
while mining and quarrying was down 0.1%.
In the three months to February, industrial production rose by
0.8%.
–London newsroom 4420 7634 1624 email: drobinson@marketnews.com
[TOPICS: MABDA$,M$B$$$,MT$$$$,MABDS$]
