February 2018 UK industrial production, manufacturing and construction output 11 April 2018
- Prior 1.3%
- 2.2% vs 2.9% exp y/y. Prior 1.6%. Revised to 1.2%
- Manufacturing -0.2% vs 0.2% exp m/m. Prior 0.1%. Revised to 0.0%
- 2.5% vs 3.3% exp y/y. Prior 2.7%. Revised to 2.2%
- Construction -1.6% vs 0.75 exp m/m. Prior -3.4%. Revised to -3.1%
- -3.0% vs -2.9% exp y/y. Prior -3.9%. Revised to -2.1%
- 3M/3M production fell 0.1%; whilst 3M/3M manufacturing grew 0.6%
- Total production would need to fall by 1.7% in March for Q1 2018 to be flat
- Fall in mining & quarrying down to another shutdown of Forties pipeline in Feb
- Drop in refining possible reason for fall in fuel exports
- Underlying construction output fell 0.8%, fourth drop in 3M/3M figure
- Construction would need to grow by 8.8% for Q1 growth to be flat
Not good numbers but the Forties pipeline closure is giving this one a free pass as far as the market is concerned. IP has had a solid start to the year so this is hopefully just a minor blip.
GBPUSD has ducked back under 1.4200 to 1.4194 from around 1.4205 pre-release.