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Manufacturing sector continues to stabilise, modest growth ahead |
Responding to today’s CBI industrial trends survey David Raistrick, UK Manufacturing Leader at Deloitte, commented:
“While the precise timing around a manufacturing recovery remains unclear, the sector has stabilised and is likely to continue improving, albeit slowly.
“Major destocking has already taken place in the first half of the year indicating that the worst may be over, and while order books remain below where they were historically they appear to have levelled out.
“In addition to benchmarking manufacturing output and the position of order books against what may have seemed normal two or three years ago, it is interesting to also compare figures over the past 18 months in order to get a more accurate picture of how manufacturing is emerging from the recession. This shows a positive move in the right direction.
“There are many factors at play at the moment including weak demand, lack of available credit and the low value of sterling; which while helpful for certain manufacturers, is making business difficult for many importers. However, the key issue remains one of demand, both within the UK and globally. Hopefully as confidence returns, so too should demand which will should provide the much needed boost to manufacturers’ order books.”
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