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WCOTW: HAS MANUFACTURING TAKEN A POSITIVE TURN?

WCOTW: HAS MANUFACTURING TAKEN A POSITIVE TURN?

The manufacturing industry seems to have taken a positive turn in recent times, with the EEF Manufacturers Body even raising their 2017-2018 forecasts. Manufacturing companies are becoming ever more positive about their 2017 prospects, as growth was faster than they had expected in May. It has been found by the EEF Manufacturers Body that the “demand from Europe was buoyant.” (BBC)

Lee Hopley, the EEF chief economist, has said: “It’s very encouraging that UK manufacturers have positioned themselves to capitalise on the windfall of a competitive pound and resurgent world economy.” (BBC)

The manufacturing industry has now been expected to expand by 1% more than thought in 2017, and 0.1% more in 2018. This is a total expansion rate of 1.3% in 2017, and 0.5% in 2018. However, even though expansion predictions have increased, we don’t know what the future holds, and we don’t know how the manufacturing industry may change.

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