U.K. Production Unexpectedly Drops, May Drag on Economic Growth

U.K. industrial production unexpectedly declined in February, meaning that the sector may be a drag on growth in the first quarter.

The 0.3 percent drop followed a revised 0.2 percent increase in January, the Office for National Statistics said on Friday. Based on the current figures, output would need to surge 3.1 percent in March just to come in flat for the quarter.

Manufacturing production also fell in February, dropping 1.1 percent. It was down 1.8 percent from a year earlier.

Bloomberg

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.