- Manufacturing output in October 2014 was down 0.7% on the month, but up 1.7% on the year
- Total industrial production in October 2014 was down 0.1%, but up 1.1% up on year
Commenting on the manufacturing and industrial figures published today by the ONS, Caroline Williams CEO Norfolk Chamber said:
“The decline in manufacturing output is disappointing and larger than expected. Although longer term comparisons still show positive growth, the pace of expansion is clearly slowing. Manufacturing exporters in particular are facing difficult challenges, which have become more acute due to stagnation in the eurozone.
“While total UK GDP is now well above its pre-recession level, these latest figures show that industrial production output nationally has not yet recovered fully.
“Despite manufacturing accounting only for just over 10% of total UK output, the sector remains an important driver for economic growth, and is critical to securing a balanced UK recovery. In spite of the challenging international backdrop we are making every effort to ensure that enterprising manufacturing firms are given the tools to invest and export.
Today Norfolk Chamber are holding an event on how to ‘Expand into Hong Kong’ which is a major trading and financial hub in Asia. On 20th January we have a similar event concentrating on Nigeria which as of 2012 is the second largest market within Africa. There is significant support available to any Norfolk company who either wants to investigate exporting for the first time or would like to look at new overseas markets. A wealth of information aimed at exporters can be found on our intenational trade section.
