Index of Production m/m reflects a change in the real volume of UK manufacturers' production in the given month compared to the previous month. The index calculation includes all production industries: manufacturing, mining and processing of minerals, energy production, water resources management and waste management.
The index estimates are based mainly on data provided by approximately 6,000 businesses through the Monthly Business Survey (MBS). Data on production in the mining, quarrying and energy supply industries (coke and refined petroleum) are provided by administrative sources, for example the Department for Business, Energy and Industrial Strategy (BEIS). All figures are seasonally adjusted.
The index is calculated relative to the base period currently set to 2013. The index benchmark in 2013 is set to 100.
The index of production is an important economic indicator and one of short-term indicators of UK economy development. It is used in GDP calculation. The relative weight of the production sector in national GDP is 14%. The Bank of England, the Treasury and the Cabinet use the indicator when developing monetary and fiscal policies, forecasting medium-term economic development and consumer activity. The indicator is used for the analysis of economic variables in the production sector.
The growth in the Index of Production can have a favorable impact on the pound sterling quotes.
The chart of the entire available history of the "United Kingdom Industrial Production m/m" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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