Industry slump gets deeper

Ben Southwood
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THE INDUSTRIAL decline that made a big contribution to last quarter’s fall in GDP was even bigger than originally estimated, according to data out yesterday.

Industrial production was 1.9 per cent lower in the fourth quarter of 2012 than in the third, according to data from the Office for National Statistics (ONS).

This was the largest quarter-on-quarter fall for 17 quarters and a 0.1 percentage point increase compared to the estimates used in preparing the first guess at GDP.

But yesterday’s figures also revealed that December’s output represented a 1.1 per cent jump on November.