UK Industrial Production Posts Surprise Drop in February

UK industrial production unexpectedly declined in February adding to signs of an economic slowdown in Britain, which last month gave formal notice to European Union partners of its intention to leave the trading bloc. Total production dropped 0.7% in February from January, when it fell 0.3% from the previous month, the Office for National Statistics (ONS) said on Friday. Economists had expected a 0.2% increase in February from January, according to a survey on investing.com.

All four main sectors recorded a decline on the month, with electricity and gas providing the largest downward contribution, dropping 3.4%, perhaps due to unseasonably warm temperatures in the month, the ONS said. Manufacturing output in February fell by 0.1% from January and in January manufacturing output fell by 1% from December 2016, the ONS data showed. Economists expected a 0.3% increase from January, in the investing.com poll.

By Kristen Tardella