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UK ; Manufacturing sees upturn in July |
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2004-8-19
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For the first time in three months, manufacturers have been given a more positive outlook after output figures revealed an increase of 0.9 per cent between March and April 2004. The rise was much stronger than analysts originally predicted.
According to the Office of National Statistics, output rose in eight of the industry''s 13 subsectors.
The most significant increases occurred in the chemicals and man-made fibres subsector (2.6 per cent) where the manufacture of pharmaceutical preparations industry continued to grow strongly, and in the machinery and equipment subsector (2.8 per cent) where growth occurred across a number of industries. There were no subsectors which showed a significant decrease in output.
The monthly figure contributed to limiting the decrease in manufacturing output for the three months of February, March and April to just 0.1 per cent compared with the previous quarter to January, with seven out of the 13 subsectors showing decreases in output and six showing increases.
The significant decreases, in order of importance, were in the electrical and optical equipment industries (which includes IT hardware), where output fell by 1.6 per cent, and the paper, printing and publishing industries where output fell by 1.2 per cent.
The only significant increase came from the chemicals and man-made fibres industries, where output increased by 1.8 per cent.
In a survey released by the EEF on the same day, it was also suggested that the upturn in manufacturing has strengthened, with output and orders growing in the second quarter at their fastest pace since the end of 1996.
Commenting on the results, EEF chief economist, Stephen Radley said: "Manufacturers are now delivering the long awaited upturn and are looking to expand further in the second half of this year. However, the rising price of oil and commodities will make it harder to rebuild margins and could also eat into growth." |
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