UK Manufacturing
The UK manufacturing industry has reported its strongest total orders since August 1988, with a growth in output expected to continue into the New Year.
According to the latest monthly CBI Industrial Trends Survey, export orders are also reaching milestone figures, with order books at their joint highest in more than 20 years.
The improvement in total order books was particularly marked in chemicals, showed the results, while export order books strengthened notably in chemicals, electronics and transport goods.
“UK manufacturers are once more performing strongly as global growth and the lower level of sterling continue to support demand. Output growth has picked up again, and export order books match the highest in more than 20 years,” commented Anna Leach, CBI Head of Economic Intelligence.
“Nonetheless, uncertainty continues to hold back investment and cost pressures remain strong. Manufacturers will be hoping the Budget brings some relief from the business rates burden in particular.”
The growth in output is expected to continue expanding in the three months to February, although at a more moderate pace. Expectations for price inflation were similar to recent months, around average.