UK Manufacturing Growth Stronger Than Expected
09 April 2014
UK manufacturing output grew by 1% in February, according to figures released by the Office for National Statistics (ONS) today.
The official statistics show that the growth of 1% is up by 0.3% on January's growth figures and by 0.4% on last December's figures. Output was also up by 3.8% on the previous year and was at its highest in 2 years.
The growth has been attributed in part to the strong pick-up of the pharmaceutical, transport and food sectors. Manufacturers across all industries have reported good trading conditions, both at home and internationally.
The wider index of industrial manufacturing, which includes the energy sector, was up 0.9% on last year's figures, for the same period.
The news came as the IMF gave Britain the biggest upgrade of any advanced economy, over the next two years. The IMF has predicted that the UK would grow by 2.9% in 2014.
The ONS report also found that seven out of thirteen sectors within manufacturing showed growth for the first quarter in 2014. Manufacturing currently accounts for approximately 15% of the economy. Commenting on today's figures, British Chambers of Commerce Chief Executive, David Kearn said the share of UK manufacturing in the economy was "hugely important" to economic recovery.
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