Modest Manufacturing Boost Must Be Strengthened
09 May 2013 in Chamber News
Manufacturing output in March 2013: up 1.1% on the month, down 1.4% on the year
Total industrial production in March 2013: up 0.7% on the month, down 1.4% on the year
Commenting on the Index of Production for March 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:“These figures are slightly better than analysts predicted, and suggest there will be no revisions in the ONS’s 0.3% GDP growth estimate for the first quarter. While the monthly increases in both manufacturing and total production are welcome, longer-term comparisons are disappointing, and show year-on-year declines. These figures support our view that growth is likely to continue throughout the remainder of 2013. But the pace of recovery is still inadequate and further measures are needed to support growth.
“The UK economy is clearly facing challenges at home and abroad. However British firms remain confident that they are able to lead the UK towards a lasting recovery. To support them, the government must persevere with further deregulation, and improve the availability of finance to growing companies so that the private sector can successfully export, invest, and create jobs.”