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March 10, 2011    

UK manufacturing output recovers in January

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by Kay Murchie
”UK

The Office for National Statistics (ONS) has today revealed UK manufacturing output bounced back in January after December’s weather related fall.

According to the ONS, manufacturing output rose 1% in January - its fastest monthly pace in 10 months.

It also beat analysts expectations who forecast a rise of 0.8%.

In the meantime, output was 6.8% higher in January on an annual basis - this represented the fastest annual rise since November 1994. It also exceeded analysts forecasts of a 6.5% rise on the year.

Overall industrial production, which also includes utilities, mining and quarrying, rose 0.5%.

Manufacturing accounts for around 13% of economic output.

Today’s figures suggest that the economy is recovering from the 0.6% contraction in the fourth quarter of 2010 but are likely to lead the Bank of England’s Monetary Policy Committee to leave interest rates on hold today.

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