Market Research Sees Boost to UK Economy Due to Upturn in Manufacturing Sector
21st June 2012 15:34 - Industrial
A recent business survey by the Confederation of British Industry (CBI) has given new hope for economic recovery today by showing an unexpected improvement in orders and confidence within the manufacturing sector.
A total of 7% of manufacturers who took part in the market research said that they expect to increase their volume of output in the next three months, compared to 3% in May.
Thus, the flow of orders has seen a boost in June, with an increase in the number of businesses reporting order levels above normal, including a surprising improvement in export orders.
CBI Chief Economic Adviser, Ian McCafferty, commented: "Despite facing continued instability within the Eurozone, UK manufacturers have seen a modest rebound in orders from both their domestic and export markets."
Meanwhile, Chief UK and European Economist at IHS Global Insight, Howard Archer, added that while the survey results offered "glimmers of hope for the UK economy", caution is still prudent.
He said: "There is still a very real danger that the economy will suffer further contraction in the second quarter, especially as it is handicapped by the extra day's public holiday resulting from the Queen's Diamond Jubilee.”
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