Commenting on the manufacturing and industrial figures published today by the ONS, Caroline Williams CEO Norfolk Chamber of Commerce said:
“Year on year growth for manufacturing and total industrial output is satisfactory, but the more recent figures show clear signs of a slowdown. Manufacturing output eased between the first and second quarters of 2014, and the most recent figures show flat growth over the past three months – which points towards a further reduction for the third quarter of the year.
“Total UK GDP is now 2.7% above its pre-recession level, manufacturing output is still more than 4% below its pre- recession level. The sector has maintained much of its skills base during the downturn, however, manufacturing exporters are facing many challenges in the face of weak demand in the euro zone and a sterling exchange rate, which has recorded net rises over the past year. The manufacturing sector is now just over 10% of the total UK economy. It is still a very important driver of innovation export and investment, and its success remains crucial to a balanced UK recovery.”
- Manufacturing output in the three months to August 2014: Flat compared with the previous three months, but up 3.3% compared with the same period the year earlier
- Total industrial production in the three months to August 2014: Flat compared with the previous three months, and up 2.0% compared with the same period a year earlier
https://www.ons.gov.uk/ons/rel/iop/index-of-production/august-2014/index….
