LONDON
,
August 23, 2023
(press release)
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Manufacturers reported the sharpest fall in output volumes since September 2020, according to the CBI’s latest Industrial Trends Survey. Motor vehicles & transport equipment, mechanical engineering, paper, printing & media, and chemicals sub-sectors drove the decline in output over the three months to August. Looking ahead, output volumes are expected to stabilise in the next three months. Firms anticipate that price pressures will continue to ease going forward, with expectations for selling price inflation over the next three months at their softest since February 2021. The survey, based on the responses of 277 manufacturing firms, found: Full results are in the attachment accompanying this release. Martin Sartorius, CBI Principal Economist, said: “With output volumes contracting at their fastest pace since the COVID-19 pandemic and order books deteriorating, this survey makes for gloomy reading for manufacturers. However, easing price pressures will bring some relief to many manufacturing firms and the broader economy. “The weak outlook for manufacturing activity underlines the need to double-down on delivering sustainable growth. With fierce levels of international competition, the race is on for the UK Government to offer targeted incentives to attract green investment and support firms’ decarbonisation efforts.”
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