UK manufacturers see stronger orders, average output growth: CBI
Reuters
Published Feb 20, 2019 06:12AM ET
UK manufacturers see stronger orders, average output growth: CBI
LONDON, (Reuters) - British factory orders picked up this month after dipping in January, and output is expected to be solid as Britain leaves the European Union, a survey from the Confederation of British Industry showed on Wednesday.
Although the CBI warned that Brexit talks were rapidly approaching "crisis point", its data painted a more positive picture ahead of Brexit than many recent surveys of the sector.
Official data last week showed the sector contracted by the biggest amount in in over five years during the final three month of 2018.
The CBI's factory order book balance rose to +6 this month from January's reading of -1, above all forecasts in a Reuters poll of economists and above the survey's long-run average.
Export order growth also strengthened, though manufacturers expected output growth to slow over the next three months from the above-average rates predicted in December and January.
"UK manufacturing activity has moderated at the same time as headwinds from Brexit uncertainty and a weaker global trading environment have grown," CBI economist Anna Leach said.
Britain's main manufacturing body, Make UK, warned on Tuesday that a no-deal Brexit next month would be a "catastrophic prospect" for the sector.
Finance minister Philip Hammond told Make UK's annual dinner that lawmakers and EU leaders needed to listen to industry.
"The clock is ticking quickly towards crisis point," Leach added. "It is of critical importance that politicians of all stripes and on both sides of the channel come to agreement on the terms of a Brexit deal as soon as possible."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.