Index Of Production UK - January 2024

13th March 2024

Production output growth is estimated to have fallen by 0.2% in the three months to January 2024 when compared with the three months to October 2023.

At the sector level, in the three months to January 2024, there were falls in "mining and quarrying" (3.3%), "electricity and gas" (1.6%), and "water supply and sewerage" (1.0%); this was partially offset by a rise in "manufacturing" (0.3%).

Monthly production output was estimated to have fallen by 0.2% in January 2024; this follows a rise 0.6% in December 2023.

The monthly decrease in output for January 2024 resulted from a decline in two of the four production sectors, with "water supply and sewerage" being the main contributor to the monthly fall (2.2%) and a smaller negative contribution from "mining and quarrying" (1.3%); this was partially offset by a rise in "electricity and gas" (0.5%).

Monthly manufacturing output remained flat (0.0%) in January 2024 but saw a mixed profile of growth at the sub-level with increases in 7 of its 13 sub-sectors.

The largest positive contributing manufacturing sub-sectors on the month in January 2024 were "manufacture of transport equipment" and "other manufacturing and repair", which increased by 2.3% and 1.8%, respectively; this was partially offset by the largest contributing fall in "manufacture of basic pharmaceutical products and pharmaceutical preparations'', of 5.1%.

Further analysis of our monthly Index of Production (IoP) estimate is available in our Gross domestic product (GDP) monthly estimate, UK: January 2024 bulletin, published 13 March 2024.

Read the full ONS article HERE