UK industrial output: February rebounds by 0.5% month-on-month, exceeding expectations

⑴ The United Kingdom's industrial output in February rose by 0.5% month-on-month, higher than the market expectation of +0.2%. The previous value (January) was a decline of 0.1%. ⑵ Mining and quarrying output rebounded sharply (up 3.9% MoM, compared to -5.3% in January), with crude oil and natural gas extraction increasing by 5.1%. Electricity, gas, steam and air conditioning supply sector saw accelerated growth (up 1.5% MoM, compared to 0% in January). ⑶ Manufacturing output edged down by 0.1% MoM, reversing the +0.2% in the previous month. The main reasons were declines in output of transport equipment (-2.1%), basic metals and fabricated metal products (-2.1%), and food (-1.2%). ⑷ Water supply, sewerage, and waste management sector saw growth slow to 0.2% MoM, compared to a previous value of +1.5%. ⑸ Year-on-year, the UK's industrial activity in February fell by 0.4%, while the previous value was revised up to an increase of 0.5%.