IOP Ouput Weighed Down by Forties Closure;..>

UK DATA: IOP Ouput Weighed Down by Forties Closure; Mfg Remains Robust        

-UK December IOP -1.3% m/m; flat y/y

-UK December Manufacturing +0.3% m/m; +1.4 y/y  

-UK Q4 IOP Revised Lower To +0.5% q/q vs +0.6% q/q previously   

-UK Q4 Construction Revised Higher to -0.7% q/q vs -1.0% q/q previously

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 Manufacturing output rose for the eight consecutive month in 

December, doing so for the first time since 1988. The +0.3% m/m was 

driven by increased output of metals, transport equipment (ships and 

aircraft) and textiles. A -19.1% m/m fall in mining and quarrying 

output, caused by the closure of the Forties Pipeline System, meant that 

IOP was down -1.3% m/m - ending a run of 8 straight monthly increases. 

On the quarter, IoP was up 0.5% q/q in Q4, 0.1pp lower than previously 

estimated while construction output was revised 0.3pp higher to -0.7% 

q/q. The net impact of these revisions on Q4 GDP was negligible, 

according to a NS official.