THE PRODUCTION of cars, games and toys helped drag the UK’s factory industry towards a steady rate of growth as it recovered from the economic downturn, data reveals today.
Production totalled £355bn in 2013, marking a 3.7 per cent rise on production in 2012, according to figures from Santander Corporate and Commercial and the Office for National Statistics.
The climb was driven by the manufacturing of motor vehicles, transport equipment and food. In 2013, UK manufacturers’ product sales were 8.4 per cent higher than at the start of the economic crisis in 2008.
The manufacturing sector for games and toys was the fastest-growing in the UK, with production worth £273m in 2013 compared to £155m in 2012; a year-on-year increase of 76.1 per cent and a six-year high for the sector.
Other fast-growing sectors included the manufacture of assembled parquet flooring, which saw 66.7 per cent growth, the manufacture of starches and starch products, which rose by 23.8 per cent, and the manufacture of motor vehicles which increased by 20.9 per cent.
“UK productive industries are in good health. While the markets have concerns about the falling oil price, this is actually great news for producers and small and medium sized firms, who will see reduced costs as a result,” said Charles Garfit, head of manufacturing, Santander Corporate and Commercial.