Industrial production in the United Kingdom rose 0.7% from the previous month in March of 2019, following a 0.6% increase in February and easily beating market expectations of a 0.1% gain. Upward pressure came mainly from manufacturing (0.9% from 1% in February), particularly textiles, wearing apparel & leather products (2% from 1.5%); basic pharmaceutical products & preparations (4% from 1.6%), transport equipment (1.4% from 1.2%) and other manufacturing & repair (1.8% from 1.1%). Meanwhile, production slowed for mining & quarrying (0.9% from 3%) and output continued to fall for electricity, gas, steam & air conditioning supply (-0.6% from -3%) and water supply (-0.3% from -0.2%). On a yearly basis, industrial output advanced 1.3%, more than a 0.4% increase in February and also above consensus of 0.5%. On a quarterly basis, industrial production rose 3.6% over the prior year, after a 2.2% gain in the last quarter of 2018. Industrial Production Mom in the United Kingdom averaged 0.08 percent from 1968 until 2019, reaching an all time high of 9.90 percent in March of 1972 and a record low of -8 percent in February of 1972.
Industrial Production Mom in the United Kingdom is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production Mom in the United Kingdom to stand at 0.20 in 12 months time. In the long-term, the United Kingdom Industrial Production MoM is projected to trend around 0.50 percent in 2020, according to our econometric models.