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Financial News: UK Manufacturers' Expectations About Output Growth At Reco

UK Manufacturers' Expectations About Output Growth At Record High: CBI

07/22/2021 - 08:51:00 (RTTNews)

(RTTNews) - UK manufacturers' expectations about output growth over the coming three months reached a record high, the Industrial Trends Survey results from the Confederation of British Industry showed on Thursday.

In the three months to July, output volumes grew at the joint-fastest pace on record, with the balance rising to 37 percent.

A net 44 percent of manufacturers forecast output growth to accelerate further next quarter, this was the strongest expectations on record.

A net 29 percent of manufacturers expect total new orders growth to ease next quarter. Total new orders in the quarter to July grew at their quickest pace since January 1974, the survey showed.

On the price front, average costs growth in the quarter to July accelerated to its fastest since April 1980. The balance advanced to +73 percent from +48 percent in April. Costs growth is expected to ease next quarter.

"Record growth in manufacturing output volumes is further evidence that UK industry is reawakening following the economic ravages of the pandemic," Rain Newton-Smith, CBI chief economist, said.

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