- UK Manufacturing output in June 2015 was up 0.2% on the month and up 0.5% on the year
- Total UK Industrial production in June 2015 was -0.4% on the month and up 1.5% on the year
Commenting on the index of production figures for June 2015, published yesterday by the ONS, Caroline Williams,CEO of Norfolk Chamber said:
“Although UK manufacturing output returned to modest growth in June, after declining in May, the sector’s overall performance remains mediocre. Year on year growth is below 1% and the level of manufacturing output is still almost 5% below its pre-recession peak in the first quarter of 2008.
However locally the last BCC Quarterly Economic Survey showed that the Norfolk results for Q2, whilst mixed, showed signs of cautious growth. Particularly, Norfolk’s manufacturing export sales and orders were stronger and higher than the national results and it was encouraging to see several of Norfolk QES balances positively ‘bucking the national trend. However concerns over the EU are still causing some uncertainty within the Norfolk business community and the impact of the reduced oil prices is being felt locally.”
Also commenting on the index of production figures for June 2015, David Kern, Chief Economist of the British Chambers of Commerce,said:
“The manufacturing sector is up against a number of headwinds, including difficult global circumstances. While there have been modest improvements in the Eurozone, which will help exporters in coming months, progress will be difficult because of the recent strength of the sterling against the euro. Any premature action on interest rates is likely to make these problems worse.
“The UK economy will remain dependent on its dynamic and competitive services sector but manufacturing remains a vital sector for exports, innovation and productivity. The government must reinforce its efforts to encourage manufacturing firms to explore international export markets, particularly beyond the European Union.
