UK Industrial Production Up
UK industrial production rose more than economists forecast in February after a surge in factory output pointing to a continuing economic recovery. Industrial output still remains 11.7% below where it was when gross domestic product peaked in the first quarter of 2008 but this is positive news none the less.
Production increased 0.9 percent from January, when it was unchanged, the Office for National Statistics said today in London well ahead of expectations around 0.30%. The data adds to evidence that the UK economy continued to expand in the first quarter. The British Chambers of Commerce said in a report today that its measures of export sales at manufacturers and services companies increased in the three months through March, as did employment intentions.
The jump in production in February was the biggest in eight months, with manufacturing growth led by basic pharmaceutical products, transport equipment and food.