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UK manufacturing growth fuels hope for the future

UK manufacturing growth fuels hope for the future

The manufacturing industry has seen output increase by 0.9% over December compare to November in 2009.

The report by the Office for National Statistics has revealed a -1.9% decline in the manufacturing sector in December last year when compared with December 2008. This is reported to be the slowest rate of year-on-year decline since May 2008.

The Chief Economist at the British Chambers of Commerce (BCC), David Kern, stated that manufacturing figures are stronger than previously expected and it reinforces hope that 2009’s fourth quarter Gross Domestic Product (GDP) growth will be revised to reflect this.

However, Mr Kern warns that although there has been improvement manufacturing firms should not become complacent.

He went on to say:

“Manufacturing declined sharply last year and annual growth is still in negative territory. It is important to support these positive trends in a way that will help reduce the UK’s trade deficit.”

The BCC called again for improved access to finances to be made for the sector.

Related links:

UK manufacturing – highest in 15 years


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Photo by Suat Eman

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