Manufacturing lags but still shows ‘decent growth’

GDP300A new monthly ‘Growth Indicator’ launched today  by the CBI suggests the volume of output in the three months to January grew at the fastest pace since late 2007. And the outlook for the current quarter is buoyant.

The new monthly composite of the business organisation’s economic surveys spans the retail and services sectors as well as manufacturing. It offers an early perspective on economic growth and claims to cover close to 75% of the private sector economy.

When compared with historic composite CBI economic data, the new indicator shows the fastest pace of growth in output volumes since September 2007 with the manufacturing sector lagging behind retail and services results but still posting “decent growth”.

CBI chief policy director Katja Hall said: “A picture is unfolding of a real upsurge in output across much of the UK economy. Many firms in many sectors are feeling brighter about their prospects than they have for a long time, showing the recovery is gaining traction.

“We certainly need companies investing more and creating a bigger footprint in fast-growing markets, and while some risks remain, we expect the economy to continue to strengthen through 2014.”

Copyright Ken Hurst 2014

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About Ken Hurst

Ken Hurst began his career as a journalist in London over 30 years ago, working on a range of publications before moving on to weekly newspaper production in the newly-independent Zambia of the 1970s. He returned to the UK where his work included spells on newspapers and magazines, before moving to head up Norwich Union’s corporate affairs division. In the 1990s he moved on to freelance, co-own and publish the B2B audio magazine Sound and front the BBC radio Yesterday’s Papers programme. There followed six years as Business Editor at Britain’s biggest selling regional daily newspaper, The Eastern Daily Press, where he led an award-winning team and for whom he still writes a weekly socio/political comment column. Subsequently, he was Group Editorial Director at CBM, responsible for its UK and US magazine output – including The Manufacturer magazine – research-driven industry reports and live events content. Currently he is Contributing Editor at Works Management magazine publisher Findlay Media and Chairman of the consumer publishing house TNT Multimedia Ltd. He is a Fellow of the Royal Society of Arts and of the British Association of Communicators in Business.
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