UK industrial output up in May

According to Reuters, the industrial output was up in May due to the strong oil and gas production. However, the manufacturing production dropped to -0.6% compared to -0.4% in April. 

The main points of the report includes:

• Total production output is estimated to have increased by 2.1% in May 2015 compared with May 2014. There were increases in 3 of the 4 main sectors, with the largest contribution coming from mining & quarrying, which increased by 7.3%.
• Manufacturing output increased by 1.0% in May 2015 compared with May 2014. The largest contribution to the increase came from the manufacture of transport equipment, which increased by 11.0%, due to a rise in the manufacture of air & spacecraft and related machinery.
• Total production is estimated to have increased by 0.4% in May 2015 compared with April 2015. There were increases in 3 of the 4 main sectors, with the largest contribution coming from mining & quarrying, which increased by 4.9%.
• Manufacturing output decreased by 0.6% in May 2015 compared with April 2015. The largest contribution to the decrease in manufacturing came from basic metals & metal products, which decreased by 3.7%.
• In the 3 months to May 2015, production and manufacturing were 9.2% and 4.6% respectively below their figures reached in the pre-downturn gross domestic product (GDP) peak in Quarter 1 (Jan to Mar) 2008.
• In this release, the earliest period open for revision was April 2015, in line with the National Accounts revisions policy. There was no impact on previously published GDP estimates resulting from revisions to this period

The full report can be obtained here.