Growth surges in manufacturing sector as export orders recover
MANUFACTURERS are seeing business pick up this month, new survey data shows.
They are also expecting to grow more quickly over the next three months, according to the Confederation of British Industry (CBI). Output volumes had increased for 40 per cent of firms in February compared with the 23 per cent who said they had declined.
Further growth is expected by 36 per cent of manufacturers, contrasting with the 12 per cent that anticipate a decline.
“Our manufacturers have more of a spring in their step this month, regaining some of the momentum lost towards the end of last year,” said Rain Newton-Smith, CBI economics director.
Export orders jumped for 12 per cent of manufacturers and declined for 21 per cent. Despite the balance of minus nine per cent being negative, it is above the historical average of minus 20 per cent.
“Export orders picked up significantly, to a level not seen for six months, but uncertainty over prospects in the Eurozone will continue to weigh on export demand. So, it’s imperative we continue to help manufacturers sell their products and services into high-growth markets around the globe,” Newton-Smith said.