ONS: this is the first release of Index of Production (IoP) covering data post EU referendum. The release shows production is relatively flat month on month in July 2016 with a fall in manufacturing negated by a rise in oil and gas. Users should note that ONS always warns against overly interpreting one month’s figures.
In July 2016, total production output was estimated to have increased by 2.1% compared with July 2015. All main sectors saw production increase with mining & quarrying providing the largest contribution to growth, increasing by 7.2%.
Manufacturing was estimated to have increased by 0.8% over the same period. Transport equipment provided the largest contribution to growth, increasing by 5.7%.
Comparing July 2016 with June 2016, production output is estimated to have increased by 0.1%.
Manufacturing was the only sector to contract from June 2016, falling by 0.9% with the largest contribution from pharmaceuticals. However, this was offset by growth in the other three sectors, particularly mining & quarrying, which increased by 4.7%.
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