Home breadcru News breadcru Announcement breadcru UK's energy sector drives 0.6% production fall in May 2023

UK's energy sector drives 0.6% production fall in May 2023

16 Jul '23
1 min read
Pic: Shutterstock/Oil and Gas Photographer
Pic: Shutterstock/Oil and Gas Photographer

Insights

  • UK's monthly production output fell 0.6 per cent in May 2023, due to a decline in three of four production sectors.
  • Manufacturing output also fell by 0.2 per cent, with eight of 13 sub-sectors contributing negatively.
  • Over a longer term, production output rose 0.4 per cent from February to May 2023, with manufacturing as the primary growth driver.
Monthly production output in the UK is estimated to have fallen 0.6 per cent in May 2023. This follows a fall of 0.2 per cent—revised up from a fall of 0.3 per cent—in April 2023. The monthly decrease in output in May 2023 resulted from a decline in three of the four production sectors, with electricity and gas being the main contributor to the monthly fall at 2.0 per cent.

Monthly manufacturing output decreased by 0.2 per cent and saw eight of its 13 sub-sectors negatively contributing to growth during May 2023, according to the Office of National Statistics (ONS).

The country’s monthly production output was 0.2 per cent below February 2020, the last month of ‘normal’ trading conditions before the COVID-19 pandemic. Several main production sectors, including electricity and gas and manufacturing were above their February 2020 levels, by 0.7 per cent and 0.8 per cent, respectively.

Looking at the longer term profile, production output for the three months to May 2023 rose 0.4 per cent compared with the three months to February 2023. Growth came primarily from manufacturing at 0.8 per cent.

ALCHEMPro News Desk (NB)

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