Recovery showing ‘balance', says UK Chamber CEO, as manufacturing shows growth
The UK Chamber of Shipping has welcomed strong growth in manufacturing in the first quarter of 2014.
Manufacturing was the fastest growing sector in Q1 at 1.3%, outstripping overall GDP growth of 0.8% compared with 0.7% in Q4 2013.
Output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013. In order of their contribution, output increased by 0.9% in services, 0.8% in production and 0.3% in construction.
UK Chamber CEO Guy Platten said:
“There is now emerging evidence that the UK’s economic recovery has some balance. The shipping industry moves 95% of the UK’s exports, but manufacturing is still 11% below its pre-recession peak. It is vital therefore that the Government continues to focus on boosting manufacturing output and working with industry to explore new opportunities for growth – especially in emerging economies.”