first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof The UK’s industrial production missed expectations in the last month of 2014, highlighting the increasing dependence of economic growth on the stronger service sector.UK industrial production fell 0.2 per cent month-on-month in December, as maintenance work on North Sea oil and gas fields curbed output. Economists had been expecting 0.1 per cent growth, according to a poll by Reuters. However, economists were pleasantly surprised by 0.1 per cent month-on-month manufacturing growth, which was forecast to decline by 0.1 per cent.On an annual basis, both sets of figure look stronger. Industrial production rose 0.5 per cent on last year, while manufacturing grew 2.4 per cent.Fourth quarter industrial output rose 0.1 per cent – more than estimated by the ONS – but it’s unlikely to affect the final figure.Howard Archer, chief UK and European economist at IHS Global Insight, explained: “This only marginally increases the possibility that GDP growth in the fourth quarter of 2014 could eventually be revised up from the currently reported 0.5 per cent rate given that industrial production only accounts for 14.6 per cent of GDP.”Industrial production measures how much manufacturing, mining and utilities companies contribute to economic growth. whatsapp Tuesday 10 February 2015 8:49 am Share Tags: NULL whatsapp Show Comments ▼ UK industrial production fell 0.2 per cent in December due to North Sea oil output Jessica Morris last_img