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10.06.2019 16:59

UK industrial production fell sharply in April

According to the report from Office for National Statistics, production output fell by 2.7% between March 2019 and April 2019; the manufacturing sector provided the largest downward contribution, falling by 3.9%, its largest fall since June 2002 and the impact of Golden Jubilee shutdowns. Economists had expected a 0.7% decrease of industrial production and a 0.2% increase of manufacturing production.

In April 2019, transport equipment fell by 13.4%, the largest fall since January 1974, providing the largest downward contribution to the monthly decrease in manufacturing; within this subsector, motor vehicles, trailers and semi-trailers fell by a record 24.0% (records began in January 1995).

Production output rose by 0.7% for the three months to April 2019, compared with the three months to January 2019, due to rises from manufacturing (1.2%), and mining and quarrying (2.9%). The three-monthly increase in manufacturing is due mainly to rises of 5.5% from pharmaceuticals, and 2.6% from food products, beverages and tobacco.

For the three months to April 2019, production output increased by 0.2% compared with the same three months to April 2018; with notable rises in manufacturing of 1.0% and mining and quarrying of 5.0%, partially offset by a fall of 7.0% from electricity and gas.


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Market focus

  • BOJ keeps policy steady, signals chance of easing in October
  • UK retail sales fell slightly in August
  • Fed lowers interest rates by 25 basis points, as expected
  • SNB leaves policy rate unchanged at -0.75%
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