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Financial News: UK Manufacturers Expect Output To Rise Rapidly: CBI

UK Manufacturers Expect Output To Rise Rapidly: CBI

03/23/2021 - 08:02:00 (RTTNews)

(RTTNews) - UK manufacturers expect output to pick up rapidly over the coming three months, the Industrial Trends Survey from the Confederation of British Industry showed on Tuesday.

A balance of +30 percent expects output to pick up in the coming three months, the strongest expectations since August 2017.

A net 3 percent respondent said output increased in three months to March versus -8 percent in February.

The order book balance rose to -5 percent from -24 percent in February. This was the strongest position since April 2019.

Similarly, the export order books balance advanced to -20 percent from -39 percent a month ago.

It's great to see the mood lift among manufacturers, buoyed by a jump in order books, Anna Leach, CBI deputy chief economist, said. But firms continue to grapple with higher freight costs as well as raw material shortages.

"Looking ahead, the Government should remain focussed on measures to reinforce a recovery, with an eye to boosting the UK's competitiveness over the long-term," Leach added. "Rapid progress in the rollout of the vaccine will be crucial in driving a recovery business confidence."

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