U.K. industrial production rose 0.3% m/m in March, in line with forecast, but a tad below consensus, with the narrower manufacturing figure missing expectations and rising just 0.1% m/m, after a -0.9% m/m contraction in the previous month. Overall production was down -0.2% y/y, the first annual drop since December, while the decline in manufacturing accelerated to -1.9% y/y from -1.6% y/y in February. This was the biggest annual fall since 2013. The earlier timing of Easter this year may have distorted numbers somewhat, which the much weaker than expected French and German data yesterday already suggested, but shutdowns in the steel industry due to global overcapacity also added to pressure. The ONS meanwhile said that the figures do not point to any revision of the GDP estimate for Q1, partly due to back-revisions to the broader measure of industrial output, which now show output up 0.1% y/y in February, compared to a -0.5% y/y drop reported initially.
GDPUSD unchanged on the data at 1.4418 whilst the EURGBP struggles with 0.7900.
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