British manufacturing production fell sharply in July — the first full month after Britain voted to leave the EU — according to official data released by the Office for National Statistics on Wednesday.
Manufacturing production, a measure of how much British factories are making, fell by 0.9% compared to June, a far bigger fall than the 0.4% drop that had been predicted by economists polled prior to the release.
On a year-to-year basis, manufacturing production grew just 0.8%, when 1.7% had been expected. While the post-referendum numbers for the manufacturing sector are disappointing, it should be noted that the sector wasn’t exactly on a huge tear prior to the Brexit vote. Manufacturing production fell by 0.2% in June, and by 0.6% in May.
Industrial production as a whole in the UK surprised marginally to the upside, growing by 0.1% in the month, compared to an expected 0.2% fall. Year-on-year it grew by 2.1% against a forecast of 1.9% growth.
Here’s how the figures look as part of the two-year trend:
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