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Financial News: UK Manufacturers Expect Sharp Fall In Output In

UK Manufacturers Expect Sharp Fall In Output In Months Ahead: CBI

09/21/2022 - 06:38:00 (RTTNews)

(RTTNews) - UK manufacturers reported a marginal fall in production in the three months to September but they expect a much sharper decline over the coming three months, monthly Industrial Trends Survey from the Confederation of British Industry and Accenture showed Wednesday.

A net 4 percent of manufacturers said their output decreased in the three months to September compared to -7 percent in August. However, output is forecast to decrease at a faster pace in the next three months with the balance falling to -17 percent.

Output declined in 8 out of 17 sub-sectors, with the overall decline being largely driven by food, drink and tobacco. This was largely offset by strong growth for motor vehicles and transport equipment firms.

At the same time, order books were seen as broadly normal in September, after being below normal last month. The order book balance unexpectedly rose to -2 percent from -7 percent in the previous month. The expected level was -11 percent.

"When adding an uncertain demand environment to ongoing input and labor shortages, and a cost-of-doing-business crisis, the outlook looks increasingly challenging for the sector," Anna Leach, CBI deputy chief economist said.

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