Confidence rising in the manufacturing sector, CBI finds

Tuesday 5 November 2013

UK manufacturing businesses are increasingly confident about the state of the industry and the economy as a whole.

According to the Confederation of British Industry (CBI), optimism rose at the fastest rate since April 2010 as orders and output continued to grow steadily in the three months to October.

The CBI's latest Industrial Trends Survey, which considered the views of 350 manufacturers, revealed that total new orders grew at the fastest pace since April 2012, with growth in the volume of domestic orders at its highest rate since April 2011.

Rising demand helped boost overall sentiment as well as optimism about export prospects for the year ahead.

Stephen Gifford, CBI director of economics, said the manufacturing sector has "increasing confidence" in the UK’s recovery.

“New orders and output are continuing to grow steadily and expectations for the next three months are promising," he stated.

“But there are only limited signs of rebalancing towards exports or investment, with marginal growth in export orders and firms scaling back plans for capital expenditure on plant and machinery.”

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Posted by Dan Smith