FXstreet.com (Barcelona) - Output of the U.K. manufacturing industries has slumped in January, posting the sharpest year on year decline since 1981, according to figures released by National Statistics.
Manufacturing Output has posted a 2.2% decline from November to December, and a 10.2% fall from December 2007, well weaker figures than the 1.2% monthly decline and the 8.5% year on year fall forecasted by market analysts.
In wider terms, industrial production has posted a 1.7% year on year fall and a 9.4% decline from December last year, instead of the 1.2% monthly drop and the 7.8% year on year decline expected by the market.
Manufacturing output as declined 5.1%in the fourth quarter alone, while industrial production posted a 45% fall. These figures will most likely weaken somewhat further, UK fourth quarter's Gross Domestic Product.