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Manufacturing growth picks up speed

Activity in the manufacturing sector picked up pace in February, and output is expected to grow faster still in the next three months, according to the latest CBI Industrial Trends Survey.

The survey of 522 manufacturers found that total order books strengthened on already robust levels, climbing to a six month high. Export orders also rallied this month, to a level well above average, regaining some of the ground lost towards the end of last year. However, they still lag behind more robust domestic orders.

Growth in output volumes rose in February, reaching their highest level for seven months, and 16 of the 18 sectors anticipate growth in the coming quarter.

Manufacturers expect a modest rise in selling prices over the next three months, although expectations for price inflation remain moderate on the whole.

Rain Newton-Smith, CBI Economics Director, said: "Our manufacturers have more of a spring in their step this month, regaining some of the momentum lost towards the end of last year.

"The drop in oil prices is good news for the manufacturing sector in the UK, bringing with it lower operating costs, but North Sea producers are clearly suffering.

"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."

 

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