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UK: Annual Industrial Production dips 2.2% in February

FXstreet.com (Barcelona) - Year-over-year UK Industrial Production fell by 2.2% in February, following a 3.1%% drop in January, National Statistics informed on Tuesday. This is a more positive result that the forecasted 2.8% decrease. UK Industrial Production rose by 1% between January 2013 and February 2013, in comparison with the 1.3% decline registered between December 2012 and January 2013 and above expectations of a 0.3% rise.

On an annual basis UK Manufacturing Production fell by 1.4% in February, after decreasing 3.3% in January and slightly above expectations of a 1.5% decline. Between January 2013 and February 2013 UK Manufacturing Production rose 0.8%, following a 1.9% drop between December 2012 and January 2013 and exceeding market consensus of 0.3% growth.

James Knightley from ING comments: “With the UK’s largest oil and gas field coming back on-stream in March, likely leading to another positive gain in output, we are more optimistic that the UK can avoid its third technical recession in five years.”

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The pair dropped to the vicinity of 0.8510 after the sterling found buying interest on the upbeat data from the industrial sector in the British economy during February. The industrial production expanded...
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