Manufacturers see solid growth despite weak exports to Europe

 
Chris Papadopoullos
Follow Chris
MANUFACTURERS continued to see business grow in the three months to October, but the pace of growth was hit by weak export orders.

The survey results, published yesterday by the Confederation of British Industry (CBI), showed that 31 per cent of the 448 businesses surveyed reported an increase in total new orders.

A decline was reported by 21 per cent of firms, showing the sector grew strongly as a whole. A higher headcount was reported by 27 per cent compared to 12 per cent reporting a decrease.

Domestic demand remained well above its long-term average. But export orders dropped to their lowest levels since January 2013.

“The manufacturing sector is clearly facing headwinds. Global political instability, mounting concerns about weakness in the Eurozone and recent rises in sterling are all weighing on export demand,” said economist Rain Newton-Smith from the CBI.

Related articles