UK: Focus on industrial production data – Nomura

Analysts at Nomura point out that the final quarter GDP release from UK last week reported a 0.6% rise in industrial production and a 1.3% rise in manufacturing output during the quarter.

Key Quotes

“That would be consistent with eight months in a row of rising manufacturing output (we forecast a rise of 0.3% m-o-m in December). However, the slower rate of industrial production was thanks to a fall in mining output during Q4, in turn the result of a shutdown of the Forties oil pipeline for much of December. This explains our December forecast of a fall in industrial production at the same time manufacturing output rises.”