UK industrial production rises more than expected

FXStreet (Mumbai) – The data released by the UK Office for National Statistics (ONS) on Tuesday showed the industrial production in May rose 0.4%, beating the estimated fall of 0.2% month-on-month. Year-on-year, the production rose 2.1%, beating the estimated rise of 1.6%.

As per the official report, there were increases in 3 of the 4 main sectors, with the largest contribution coming from mining & quarrying, which increased by 7.3%.

Manufacturing output contracts

Manufacturing output increased by 1.0% in May 2015 compared with May 2014, while it decreased by 0.6% in May 2015 compared with April 2015.

In the 3 months to May 2015, production and manufacturing were 9.2% and 4.6%, respectively below their figures reached in the pre-downturn gross domestic product (GDP) peak in Quarter 1 (Jan to Mar) 2008.

The data released by the UK Office for National Statistics (ONS) on Tuesday showed the industrial production in May rose 0.4%, beating the estimated fall of 0.2% month-on-month. Year-on-year, the production rose 2.1%, beating the estimated rise of 1.6%.

(Market News Provided by FXstreet)