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Financial News: British Domestic & Export Orders Strengthen: CBI

British Domestic & Export Orders Strengthen: CBI

04/24/2017 - 06:59:00 (RTTNews)

(RTTNews) - British domestic orders grew at the fastest pace in nearly three years and export orders at the strongest pace in six years during three months to April, the latest quarterly Industrial Trends survey from the Confederation of British Industry showed Monday.

In three months to April, the balance of domestic orders came in at +20 percent, the highest since July 2014. Export orders growth improved to 22 percent, biggest since April 2011.

The total order book balance was +25 percent, the highest since April 1995. Likewise, the balance for the volume of output climbed to 22 percent, the biggest since July 2014.

Total new orders, domestic orders and export orders are expected to continue to grow strongly over the next quarter. The balance for output growth expectations was +16 percent.

The weak pound continued to push up costs, with manufacturers reporting the strongest rises in unit costs in six years.

In April, the total orders balance fell to +4 percent from +8 percent in March. Reflecting the weakness in orders, the production expectations index plunged to +16 percent in April from +36 percent in March.

The survey was conducted prior to the announcement of General Election.

"UK manufacturers are enjoying strong growth in demand from customers in the UK and overseas, and continue to ramp up production," Rain Newton-Smith, CBI chief economist, said.

"Exports have surged and firms are at their most optimistic about selling overseas in over four decades," the economist noted.

"Even so, the combination of the weak pound and recovering commodity prices means that cost pressures continue to build, and manufacturers report no sign of them abating over the near-term."

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