ANKARA
Industrial production in the UK grew by 0.5% month-on-month in December, surpassing market forecasts, according to official data released on Thursday.
This rebound followed declines of 0.6% in October and 0.5% in November, data from the Office for National Statistics showed. Market estimates had predicted a 0.2% increase for December.
“The rise in monthly output in December 2024 resulted from increases in manufacturing (0.7%) and mining and quarrying (1.5%); these gains were partially offset by declines in electricity and gas (0.6%) and water supply and sewerage (0.4%),” read the statement.
The hike in manufacturing output was largely driven by basic pharmaceutical products (5.1%), machinery and equipment (5.9%), and other manufacturing and repair (2.3%).
Over the course of 2024, industrial production fell by 1.7%, with weakness observed across all four sectors. Notably, mining and quarrying and manufacturing contributed the largest negative impacts, declining by 7.2% and 0.7%, respectively.
