Economics
U.K. Industry May Drag on Growth After Unexpected Drop
- Industrial production falls 0.3% from previous month
- Steel manufacturing plunges 38% in February versus year ago
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U.K. industrial production unexpectedly declined in February, suggesting that the sector may drag on growth for a second consecutive quarter.
The 0.3 percent drop followed a revised 0.2 percent increase in January, the Office for National Statistics said on Friday. Based on the current figures, output would need to surge 3.1 percent in March just to come in flat for the three months through March.