Index Of Production UK - March 2024

10th May 2024

Monthly production output was estimated to have risen by 0.2% in March 2024; this follows a rise of 1.0% in February 2024 (revised down 0.1 percentage point) and a fall of 0.5% in January 2024 (revised down 0.2 percentage points).

The monthly increase in output for March 2024 resulted from a rise in two of the four production sectors, with the largest contribution from "manufacturing" (0.3%) and a smaller contribution from "mining and quarrying" (1.0%); this was partially offset by falls in "electricity and gas" (0.9%) and "water supply and sewerage" (0.1%).

Monthly manufacturing output rose by 0.3% in March 2024 and saw a mixed profile of growth at the sub-level, with increases in 5 of its 13 subsectors.

The largest positive contribution to manufacturing growth in March 2024 came from "manufacture of basic pharmaceutical products and pharmaceutical preparations" (7.6%); the largest negative contribution came from "manufacture of transport equipment" (2.8%).

The remaining manufacturing sub-industries (excluding basic pharmaceutical products and transport equipment manufacturing) contributed minimally to IoP growth in March 2024.

Looking at the longer-term profile, quarterly production output for Quarter 1 (Jan to Mar) 2024 rose by 0.8% compared with Quarter 4 (Oct to Dec) 2023, growth came primarily from "manufacturing" (1.4%); partially offset by a fall in "water supply and sewerage" (2.4%).

Read the full ONS report HERE