UK production falls 2.2% whilst UK manufacturing falls 1.4% in February compared to a year earlier

It really is going to be touch and go whether the UK enters an ‘official’ triple-dip recession, especially after more data out of the government funded Office for National Statistics shows yet more disappointing UK economic performance – this time production and manufacturing.
From the release:

• Both production and manufacturing fell in February 2013 when compared with February 2012 by 2.2% and 1.4% respectively. There are downward contributions from all sectors with manufacturing and mining & quarrying the most significant.
• On the month, February 2013 compared with January 2013, both production and manufacturing rose by 1.0% and 0.8% respectively. All sectors rose during this period – this last happened in July 2012. Despite the increase in production the index is still only, though, the same level as in September 2012.

 

The continued move lower since the start of 2011 is clear for all to see. Just don’t expect the BoE to admit their policy of money printing has been the failure it is anytime soon. Rather they will look to this downtrend as reasons to do more money printing in the future.

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