According to the latest research, the manufacturing sector has picked up pace in February. Output is expected to grow at an even faster rate over the next three months.
The latest CBI Industrial Trends Survey of 522 manufacturers found that total order books strengthened on what were already robust levels, climbing to a six month high.
Export orders also grew this month to a level “well above average”, regaining some of the ground lost towards the end of last year.
They do, however, still lag behind more robust domestic orders.
Manufacturers expect a modest rise in selling prices over the next three months, although expectations for price inflation remain moderate overall.
Rain Newton-Smith, CBI economics director, said manufacturers have “more of a spring in their step this month”.
“The drop in oil prices is good news for the manufacturing sector in the UK, bringing with it lower operating costs, but North Sea producers are clearly suffering,” added Newton-Smith.
“Export orders picked up significantly, to a level not seen for six months, but uncertainty over prospects in the Eurozone will continue to weigh on export demand.
“So, it’s imperative we continue to help manufacturers sell their products and services into high-growth markets around the globe.”
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