Industrial production in U.K. fell more than forecasts as outputs dropped another 3.1% in January after sliding 1.5% in the previous month. Weakening demands from home and abroad lowered the annualized reading to -13.8% from a revised reading of -10.2% in December, which is the lowest level of outputs since January 1981. In addition, manufacturing output fell 4.1% from previous month after contracting 2.1% in December, and pushed the annualized figure to -16.5% from a revised reading of -11.7%. The data continues to reflect a dour outlook for Europe’s second largest economy, and despite the extraordinary efforts taken on by U.K. policy makers, economic activity is likely to weaken further as economists project Europe’s second largest economy to face its worst economic slump since World War II.
