Why Manufacturing is Important to the UK Economy
In 2013 the UK was the fourth largest exporter in the world with manufactured goods making up around two-thirds of all UK exports.
In terms of share of the UK’s Gross Domestic Product (GDP), manufacturing is the UK’s third largest sector, behind business services and retail. It goes without saying that manufacturing plays a hugely important role in the UK’s economy.
In the second quarter of 2014 the UK economy returned to pre-crisis levels of 2008, with expectations of surpassing its pre-crisis peak in the third quarter of 2014. The manufacturing sectors steady growth over the past 17 months has helped the UK’s economic recovery.
In September, the Purchasing managers Index (PMI) by Markit and CIPS showed a receding PMI of 51.6, a score above 50 signals growth. Although the manufacturing sectors growth may be slowing in pace, it is still growing.
Further proof of the sectors growth is The Manufacturer’s Organisation (EEF) survey, showing that three quarters of manufacturers are planning to export to new markets in the next three years.
Terry Scuoler, Chief Executive of EEF, recently stated that for a balanced economy a strong manufacturing base is a vital component. While manufacturing is not a ‘cure all’ for every economic ill, British industry does have a fundamental role to play in building a better-balanced and more robust economy.
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