THE MANUFACTURING sector has expanded this month, helped by growth in exports despite a strong pound.
Growth in output volumes bounced back from last month’s 22-month low, according to survey figures published by yesterday the Confederation of British Industry (CBI). A total of 34 per cent of the 501 manufacturers said output was up over the last three months, compared with 25 per cent who said it was down. The balance of nine per cent marks an improvement from April’s four per cent. Firms are optimistic about future growth, too.
Meanwhile, export levels rose to their highest level since August 2014, with a balance of minus seven per cent of firms reporting an uptick. Despite the negative figure, it is up from minus 26 per cent in March.
“Things are looking up for our manufacturers, with growth continuing and export orders improving,” said economist Rain Newton-Smith from the CBI.
“Some of this could be down to an improvement in the Eurozone’s momentum – but the strengthening pound is still proving quite a challenge.