New official UK manufacturing output data published today highlighted the manufacture of basic metals and metal products as the star of the industry’s showing over the past 12 months. Between November 2012 and November 2013, basic iron and steel manufacture recorded its highest growth, 34.3%, since records began in January 1998.
The manufacture of transport equipment, which embraces Britain’s bullish car making industry, was another of the main components contributing to a 2.8% increase in production output over the past year.
For the single month period between October 2013 and November 2013, manufacturing output remained unchanged (0.0% growth).
Commenting on today’s Index of Production (IoP) data from the Office for National Statistics, EEF chief economist Lee Hopley said: “While manufacturing output was unchanged in November a decent run of growth through the second half of last year left production levels at their highest level since July 2012, with some notable strengths through the year in basic metals, transport and chemicals.
“Taken together with the raft of more upbeat surveys since the start of the year there are good reasons to forecast a continued recovery across manufacturing this year. However, with production levels across much of industry still languishing below their pre-recession peak, policy makers need to be focusing on creating the right business environment to ensure the recovery is sustained this time.”
Copyright Ken Hurst 2014