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06 Sep, 2010 - UK Manufacturing Grows at Record Rate
U.K. Manufacturing Grows at Record Rate
U.K. factory production grew at a record pace in the third quarter on surging export demand, the Engineering Employers Federation has said.
The number of manufacturers saying sales rose in the three months through September exceeded those reporting declines by 33 percent, compared with 30 percent in the second quarter, the EEF and accountancy firm BDO Stoy Hayward LLP said in a quarterly survey released today in London. That’s the highest since the report began in 1995. A gauge of exports also rose to a record. While Britain’s economy grew at the fastest pace since 2001 in the second quarter, recent data suggest growth may be moderating. Manufacturing, services and construction growth all weakened in August, reports last week showed, adding to the dilemma Bank of England officials face as they mull whether to expand monetary stimulus or withdraw it.
Survey responses showed sales in the Middle East and east Asia were “particularly strong,” and markets in the European Union have been “better than expected” over the past two quarters, Hopley said.
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