UK industrial production grew sharply by 2% in the month of March, according to the data released by the Office for National Statistics. This was reported six times better than the expectations of the economists. ONS said today that the growth in industrial production in the month of March was mainly attributable to the weaker pound.

The growth in industrial production was reported the highest monthly growth in past eight years. The Office for National Statistics said today that the industrial production was reported up by 2.0% in the month of March comparing to the previous month. This was reported the strongest performance since July 2002.

The figures in March came well above the expectations of the economists as they were expecting a growth of 0.3% in the month of March. The ONS also said that the data would add 0.1 percentage points to its estimate of first quarter GDP growth. The data of ONS revealed that manufacturing output was reported up by 2.3% in March comparing to the month of February.

However, the manufacturing output grew by 3.3% comparing to the same month last year. The Office for National Statistics said that the strong export demand had contributed to the excellent performance in the month of March. The ONS revealed that the transport and metals sectors performed very well in March.