December 2017 UK industrial production and construction output 9 February 2018

  • Prior 0.4%
  • 0.0% vs 0.3% exp y/y. Prior 2.5%
  • Manufacturing production 0.3% vs 0.3% exp m/m. Prior 0.4%
  • 1.4% vs 1.2% exp y/y. Prior 3.5%
  • Construction output 1.6% vs 0.2% exp m/m. Prior 0.4%
  • -0.2% vs -1.4% exp y/y. Prior 0.4%

ONS Notes;

  • No impact to Q4 GDP from industrial and construction data
  • Fall in production led by mining & quarrying, offset by rise in manufacturing and energy supply
  • Mining and quarrying fell 14.3% following last month’s gain of 6.3% on Forties pipeline damage
  • Manufacturing’s gain m/m came via metals , transport equipment
  • Total production output rose 0.5% in Q4 17, revised from prelim 0.6%
  • Auto production m/m rose 0.7% in Dec but fell 1.7% 3M to Dec 2017
  • Driven by manufacturing, production output increased by 2.1% in 2017
  • Trade deficit widened in Q4 17, on an increase in oil imports
  • Construction fell 0.7% in Q4, the third consecutive quarterly drop
  • Quarterly decline in construction driven by drop in private commercial new work and non-housing repair and maintenance

The industrial side doesn’t look too good but manufacturing holding up is the better news. GBP largely unchanged with GBPUSD trading at 1.3954.


Ryan Littlestone

Ryan Littlestone

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Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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