Industrial production in the UK in January grew by 2.9 percent compared to the same period in the previous year, aided by expansions in the manufacturing (3.3 percent) and utilities sectors (12.6 percent), data from the Office for National Statistics, or ONS, showed Tuesday. On a month-on-month basis, production grew by 0.1 percent.
According to a Wall Street Journal consensus estimate, month-on-month growth was expected to come in at 0.2 percent while annual growth was projected to be 3 percent. In the previous month's reading, monthly growth was recorded at 0.4 percent -- signaling a slowing of growth in January 2014 -- while annual growth was recorded at 1.8 percent.
"The main manufacturing components contributing to the increase between January 2013 and January 2014 were the manufacture of rubber, plastic products & other non-metallic mineral products; the manufacture of machinery and equipment not elsewhere classified; and the manufacture of transport equipment," according to the ONS, and the "only downward contribution was from mining & quarrying, which decreased by 3.4%."