Investing.com - Manufacturing production in the U.K. fell for the second consecutive month in May, underlining concerns over the country's economic outlook, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that manufacturing production fell by 0.8% in May, compared to expectations for a 0.3% increase.
Manufacturing production in April declined by 0.2%.
On an annualized basis, manufacturing production fell at rate of 2.9% in May, compared to expectations for a 1.6% decline. Manufacturing production dropped at a rate of 0.9% in the preceding month.
The report also showed that industrial production was flat in May, disappointing expectations for a 0.2% increase, after falling 0.1% in April.
Following the release of the data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.21% to trade at 1.4921.
Meanwhile, European stock markets were higher. London's FTSE 100 rose 1.2%, the EURO STOXX 50 climbed 0.8%, France's CAC 40 added 0.7%, while Germany's DAX advanced 1.1%.
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