Engineering news
UK manufacturing output grew by 1% in February, according to new data from the Office for National Statistics (ONS).
The increase – driven by pharmaceuticals, transport equipment, food, beverages and tobacco – was the largest since September.
The year-on-year figure saw output grow 3.8% on the same month of 2013.
Industrial output, which includes power generation and North Sea oil production as well as manufacturing, grew by 0.9% in February.
Lee Hopley, chief economist at EEF – the manufacturers’ organisation, said: “Output now stands at its highest level in more than two-and-a-half years with companies reporting good trading conditions both at home and in overseas markets. All manufacturing indicators are lining up for a strong first quarter growth rate, highlighting that industry remains a vital cog in the UK’s continuing recovery.”
Meanwhile, a survey by the British Chambers of Commerce, also released today, showed six key manufacturing balances, including investment plans, were at an all-time high in the first quarter of the year.
David Kern, chief economist at the British Chambers of Commerce, said: “While the share of manufacturing in the UK economy remains relatively modest, it is hugely important to our economic recovery, so it is pleasing that the sector is growing faster than total GDP.
“To build on these figures, it is important to reinforce efforts to broaden the recovery towards investment and exports. The Bank of England must strive to maintain an environment that boosts investment, with clarity on interest rates and action to keep inflation low. At the same time, the government must continue its efforts to boost access to finance for growing firms,” Kern added.