Commenting on the manufacturing output figures for July, released today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures are better than expected and show that the manufacturing recovery is on the right track. The new data reinforces the view that GDP as a whole will record positive growth in the third quarter, albeit at a slower pace than the unusual growth seen in the second quarter.
“Although the manufacturing sector’s performance this year is pleasing, there is no room for complacency. The recovery is not yet secure, particularly as there are worrying signs of a slowdown in the global economy. While UK manufacturers are currently enjoying the benefits of a competitive exchange rate, capitalising on these benefits may be much harder in the months ahead.“It is important to support the manufacturing recovery as the sector’s progress remains critical to the much-needed rebalancing of the UK economy towards exports and investment.”