Related News
UK Dec industrial production falls sharply
Source: Agencies |
February 6, 2009, Friday
|
Online Edition
Online Edition
BRITISH industrial production fell at its fastest annual rate since 1981 in December, data showed today, suggesting the economy shrank even more sharply at the end of last year than first thought.
The Office for National Statistics said industrial production, which makes up 18 percent of gross domestic product, shrank by 1.7 percent in December, taking the annual rate down to -9.4 percent -- the weakest since January 1981.
On the quarter, production was down 4.5 percent, the sharpest contraction since Q1 1974.
The ONS said that all things being equal, December's figures would take 0.1 percentage points off Q4 GDP. The preliminary estimate for GDP for the last three months of 2008 showed a contraction of 1.5 percent.
Manufacturing output fell 2.2 percent on the month, taking the annual rate down to -10.2 percent, the weakest since March 1981. The quarterly rate of -5.1 percent was the weakest since Q1 1974.
The figures show Britain's economy is shrinking fast and will reinforce expectations that the Bank of England will have to cut interest rates further from the current record low of 1 percent and may even have to take unconventional action to support the economy.
Separate figures from the ONS showed producer prices were stronger than expected in January, although the annual rates of inflation are continuing to ease.
Annual output price inflation eased to 3.5 percent from 4.6 percent in December, the weakest since September 2007.
The Office for National Statistics said industrial production, which makes up 18 percent of gross domestic product, shrank by 1.7 percent in December, taking the annual rate down to -9.4 percent -- the weakest since January 1981.
On the quarter, production was down 4.5 percent, the sharpest contraction since Q1 1974.
The ONS said that all things being equal, December's figures would take 0.1 percentage points off Q4 GDP. The preliminary estimate for GDP for the last three months of 2008 showed a contraction of 1.5 percent.
Manufacturing output fell 2.2 percent on the month, taking the annual rate down to -10.2 percent, the weakest since March 1981. The quarterly rate of -5.1 percent was the weakest since Q1 1974.
The figures show Britain's economy is shrinking fast and will reinforce expectations that the Bank of England will have to cut interest rates further from the current record low of 1 percent and may even have to take unconventional action to support the economy.
Separate figures from the ONS showed producer prices were stronger than expected in January, although the annual rates of inflation are continuing to ease.
Annual output price inflation eased to 3.5 percent from 4.6 percent in December, the weakest since September 2007.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
