07 April 2009 15:23 [Source: ICIS news]
LONDON (ICIS news)--UK manufacturing output declined for the 12th month in a row in February while recording its steepest quarterly drop since 1968, according to UK Office for National Statistics data released on Tuesday.
Manufacturing was down 13.8% in February from the same period a year earlier in the largest year-on-year drop since January 1981. It was 0.9% down on the January figure.
In the three-month period up to the end of February, manufacturing dropped 6.5% compared with the previous three months – the largest fall since records began just over 40 years ago.
The biggest three-month drops were in transport equipment, basic metal and metal products, and machinery and equipment products, which all recorded double-figure percentage decreases.
Production of chemicals and man-made fibres was 4.5% down on the previous three-month period.
Total manufacturing was 12.2% lower than the same three-month period a year earlier.
Meanwhile, revised figures showed that Europe was in a deeper recession than previously thought.
According to official statistics agency Eurostat, the GDP volume of the 27-member EU had dropped 1.4% in the fourth quarter year on year. The figure was revised from a 1.3% decrease.
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