Industrial boom as growth hits three-year high

BRITISH industrial production increased at the fastest pace in more than three years this April, rising by three per cent year-on-year, with manufacturing firms showing particular strength.

The Office for National Statistics (ONS) yesterday recorded the most rapid expansion in output among industrial companies since the beginning of 2011. Manufacturers alone recorded a 4.4 per cent increase in production over the same period.

Output across industrial sectors increased by 0.4 per cent between March and April alone, but is still 11.3 per cent below pre-crisis levels. Manufacturing output is still seven per cent depressed from its former peak.

“The official and survey data also help to dispel the notion that the recovery is based purely on consumer credit and the housing market, but is instead being fuelled to a large extent by booming factories and industry. This so-called ‘rebalancing’ means the recovery is looking increasingly sustainable,” said Markit’s Chris Williamson.

Mining and quarrying are still lagging the overall recovery, with output up by only 2.2 per cent over the year to April.