By PRW Staff.
Total production output decreased by 0.2% between November 2014 and December 2014, according to the latest figures from the Office For National Statistics.
The largest contribution to this decrease came from mining & quarrying, which decreased by 1.4%.
Manufacturing output increased by 0.1% between November 2014 and December 2014.
The main contributors to the increase were computer, electronic & optical products; the manufacture of transport equipment; and the manufacture of food products, beverages & tobacco.
In the last quarter of 2014, production and manufacturing were 10.5% and 5.1% respectively below their figures reached in the pre-downturn GDP peak in Q1 2008.
Chris Williamson, chief UK economist at financial data providers Markit, warned that confidence among factory managers remained fragile.
He said: “A sharp drop in factory output in October is a timely reminder that policymakers cannot be complacent about the UK’s recent run of strong growth persisting into the New Year.
“Expectations of when UK interest rate may start rising will most likely be pushed back with the news that the manufacturing economy is struggling once again, and that the economic upturn remains all too dependent on domestic spending.”
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