- British Chambers of Commerce
Britain's manufacturing output recorded the biggest annual decline in any month for nearly three years, fuelling fears over the health of the country's overall economy. The Office for National Statistics said UK manufacturing output edged up by only 0.1% in March on a seasonally-adjusted basis, after falling 0.9% in February. Factories production in March was down 1.9% on the same month of last year, the sharpest year-on-year decrease since May 2013. Manufacturing, which makes up 70% of industrial production, has been hard hit by the crisis in the steel sector. The official data also showed that total industrial production, which is made up of manufacturing, mining and quarrying, North Sea oil and gas, water supply and the supply of electricity and gas, rose to 0.3% month-on-month from a decline of 0.2% a month before, but less than expected. The production was primarily driven by stronger output in electricity and gas that rose 3.3%, which was due to unseasonably cold weather in March. Britain's industrial production is 10% lower than it was when the UK entered recession in early 2008.
The ONS added the updated industry figures will have no real effect on the second estimate of the GDP in the first quarter. The first estimate showed the British economy grew 0.4%.
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