Industrial production in the United Kingdom increased 0.6% from the previous month in January of 2019, recovering from a 0.5% fall in December and well above market expectations of a 0.2% gain. It was the first rise in industrial activity since July 2018. Production rebounded for manufacturing (0.8% from -0.7% in December), namely coke & refined petroleum products (0.4% from -0.2%); basic pharmaceutical products (5.7% from -4.2%); rubber & plastic products (1.5% from -0.4%); basic metals & metal products (1.5% from -1%); electrical equipment (1.4% from -0.4%) and computer, electronic & optical products (1.8% from -0.8%); and electricity, gas, steam & air conditioning supply (0.3% from -0.4%). Also, output rose faster for mining & quarrying (0.8% from 0.5%) while it fell for water supply (-0.9% from 1%). On a yearly basis, industrial output went down 0.9%, the same as in December. Industrial Production Mom in the United Kingdom averaged 0.07 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 0.40 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.