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Financial News: British Manufacturers Expect Output To Recover: CBI

British Manufacturers Expect Output To Recover: CBI

02/21/2024 - 08:35:00 (RTTNews)

(RTTNews) - UK manufacturers forecast production to rise in the three months to May and their selling price expectations hit the strongest since mid 2023, data from the Confederation of British Industry showed Wednesday.

The net balance of respondents reporting a fall in output declined to -19 percent in three months to February from -10 percent in the preceding period, the Industrial Trends Survey data revealed.

However, a net 4 percent expects output to rise slightly in the three months to May.

The order book balance rose to -20 percent in February from -30 percent in January. The level of order books remained below the long-run average.

Likewise, the export order book balance climbed to -14 percent from -27 percent.

Further, the survey showed that a net 17 percent said expectations for average selling price inflation accelerated in February. The score was the strongest since July 2023 and also above +9 percent in January.

"UK manufacturing conditions remain challenging, with lower output volumes widely reported across the sector this month," said CBI Deputy Chief Economist Anna Leach. "But there were also some hopeful signs."

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