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Deloitte Economic Review

Manufacturing could enjoy a mini-revival with its share of economy rising to 13%


Economic Review coverIn the second quarter of the Deloitte Economic Review, our Economic Adviser, Roger Bootle, turns his attention away from the gloom of our immediate economic prospects to consider what the post-recovery economy might look like.

Roger's views on the UK manufacturing sector include:

  • The economy over the next ten years will look significantly different to the economy of the last ten years
  • Although concerns have been voiced about whether the UK’s manufacturing sector has shrunk too much, he sees no reason why it cannot experience a mini-revival
  • Over the next decade, manufacturing’s share of the economy could temporarily grow from 11% to 13%. In contrast, the financial sector’s share could shrink from 8% to more like 5%
  • The drop in the pound (£ sterling) will help the UK to play to its traditional exporting strengths – such as aircraft
  • The car industry, in particular, could do well. More vehicle production may now be shifted to the UK
  • The renewed emphasis on manufacturing could boost trend productivity in the economy, given that manufacturing lends itself more easily to technical progress than the services sector

Read the full report: Deloitte Economic Review (PDF) 

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