However, the latest Index of Production from the Office for National Statistics (ONS) has revealed that total production output is estimated to have increased by 0.8% in July 2015 compared with July 2014. The ONS reported: “There were increases in two of its four main sectors, with the largest contribution coming from mining & quarrying, which increased by 6.7%.”
Total production output is estimated to have decreased by 0.4% in July 2015 compared with June 2015. Manufacturing fell by 0.8% and was the only main sector to have decreased. This was the largest fall since May 2014.
The main manufacturing components contributing to the decrease between June 2015 and July 2015 were the manufacture of basic metals and metal products; the manufacture of transport equipment; and “other manufacturing and repair”.
In the three months to July 2015, production and manufacturing were 9.3% and 5.2% respectively below their figures reached in the pre-downturn GDP peak in Quarter 1 (Jan to Mar) 2008.
The IoP is one of the earliest indicators of growth and it measures output in the manufacturing (the largest component of production), mining and quarrying, energy supply, and water supply and waste management industries.
