Manufacturing on the rise, says business group
23 Jul 2014
The Confederation of British Industry (CBI) has released a survey showing that growth in the manufacturing sector had taken hold.
The quarterly Industrial Trends Survey showed the latest figures were even better than last month’s 19-year peak, with domestic orders up at their fastest since 1988.
Katja Hall, CBI Deputy Director-General, said: ‘The recovery in the manufacturing sector is keeping a good pace.
‘Industry is performing well as orders and hiring are on the up, and investment intentions for the year ahead are looking healthy across the board.
‘It is not all plain sailing however, and there are still risks to the recovery. These include increasing international political instability, and the recent rise in sterling, which could be weighing on exports. We need to continue to help manufacturers to export their products to high-growth markets across the globe, to give a healthy and sustainable boost to the UK’s recovery’.
481 firms took part in the survey, with 41% reporting an increase in total orders and 17% reporting a decrease. Overall this shows a 24% upward balance – a figure not seen since April 1995, when there was an increase of 27%.
43% of manufacturers expect total new orders to increase next month, with only 8% predicting a fall.
The full survey can be seen here.