UK manufacturing heading for strongest growth

UK manufacturing heading for strongest growthAccording to a report, this year, Britain's manufacturers will enjoy a faster growth than those in Germany or any other western European economy due to the rising demand at home and abroad.

Manufacturers' organisation, EEF, in its annual survey of companies, found 70% of firms forecasted an improvement in the economy in 2014, whilst just 5% thought conditions would worsen.  The balance of 65% compares with the serious outlook at the same time previous year when the reading was just 7%.

The balance expecting a good year for manufacturing is 52%  which is a remarkable improvement from zero this time last year.

Terry Scuoler, EEF's chief executive said, "Manufacturers are telling us they expect to make a greater contribution to growth, investment and jobs this year."

The EEF, along with the thinktank Oxford Economics, has forecasted that the British manufacturing sector accounting for 10% of the economy, will grow 2.7% in the present year.  That puts it ahead of all other western European countries in the thinktank's forecasts.  German manufacturing is expected to grow by 1.6% with France at just 0.7% and Greece at 0.4%.

The others expected to pick up are Austria and Belgium with growth of 2.4%.