UK manufacturing growth ‘hits 16-year high’
Dec 2nd, 2010 by Jessica Li
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“The UK’s manufacturing sector grew at its fastest rate for 16 year in November, a closely-watched survey suggests”. UK where mostly focused on the service portion of production before began to increase their effort in the secondary industry after the economic downturn that began since 2008.
“The purchasing managers’ index (PMI) climbed to 58, compared with a revised rate of 55.4 in October, well ahead of analysts’ expectations.” This good news not only foresees the further growth ahead in UK, becoming the market leader in Europe, but also the most important and most direct impact, reduces government spending on aiding the economic recovery.
“The stand-out number was the survey record increase in employment, raising hopes that job creation in manufacturing can plan a wider role in broadening and sustaining the recovery.” “Manufacturing currently accounts for about 13% of the UK’s total economic output”. The increase in growing exports is expecting to play a greater role to improve the UK’s economy in the future. in terms of both keeping a steady rate of inflation and a relatively contant rate of unemployment in the future.
Based on all the mentioned figure and facts, UK can experience an even further improvement in the future. Playing a significant tole in the dominating European economy and becoming the lead.