Royal nuptials hit UK industrial output
Source: Agencies |
June 11, 2011, Saturday
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Print Edition
Print Edition
INDUSTRIAL production in Britain plunged by 1.7 percent in April from March, far worse than expected and partly due to disruptions caused by the extra public holiday for the Royal Wedding, official figures showed yesterday.
The data by the Office for National Statistics provides further evidence that the British economic recovery is slowing sharply. The market consensus was that industrial output would be unchanged on a monthly basis.
The statistics office said that within the industrial sector, manufacturing output fell by 1.5 percent, again far worse than the 0.1 percent decline predicted.
The extra holiday in April dented production for many industries. Car makers, in particular, were also hit by supply disruptions caused by damage to plants during Japan's devastating earthquake and tsunami. Motor vehicle output in the United Kingdom fell by 7.6 percent in April.
Good weather also contributed to the decrease in production, as demand for electricity and gas fell during the warmest April on record.
"Temporary factors aside, a downward underlying trend in the growth rate of the manufacturing sector is very evident, reflecting weaker demand at home and abroad," said Chris Williamson, chief economist at Markit.
"The slowing should not be dismissed easily, as it suggests that one of the most important sources of momentum in the recovery is fading and represents a major turnaround in the health of the manufacturing sector, from surging, export-driven growth at the start of the year."
Manufacturing accounts for about 13 percent of British GDP. Though the statistics agency cautioned against placing too much weight on one month's data, the trend is clearly weak.
The data by the Office for National Statistics provides further evidence that the British economic recovery is slowing sharply. The market consensus was that industrial output would be unchanged on a monthly basis.
The statistics office said that within the industrial sector, manufacturing output fell by 1.5 percent, again far worse than the 0.1 percent decline predicted.
The extra holiday in April dented production for many industries. Car makers, in particular, were also hit by supply disruptions caused by damage to plants during Japan's devastating earthquake and tsunami. Motor vehicle output in the United Kingdom fell by 7.6 percent in April.
Good weather also contributed to the decrease in production, as demand for electricity and gas fell during the warmest April on record.
"Temporary factors aside, a downward underlying trend in the growth rate of the manufacturing sector is very evident, reflecting weaker demand at home and abroad," said Chris Williamson, chief economist at Markit.
"The slowing should not be dismissed easily, as it suggests that one of the most important sources of momentum in the recovery is fading and represents a major turnaround in the health of the manufacturing sector, from surging, export-driven growth at the start of the year."
Manufacturing accounts for about 13 percent of British GDP. Though the statistics agency cautioned against placing too much weight on one month's data, the trend is clearly weak.
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