Strong manufacturing figures
Manufacturing output in June 2013: +1.9% on the month, +2.0% on the year
Total industrial production: +1.1% on the month, +1.2% on the year
Commenting on the production and manufacturing figures for June 2013 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“After the disappointing figures we saw in May, this is positive news for the economy. There has certainly been an important change for the better in the second quarter of the year, and although it might be premature to assume the 0.6% GDP estimate will be revised upwards, this likelihood will increase if construction and services also improve.
“But we mustn’t become complacent. The level of UK output is more than 3% below its pre-recession peak in 2008, and the manufacturing sector still faces major challenges over the months ahead. The government must do more to refocus its priorities towards policies that will enable businesses to drive the recovery. While recent figures support our view that more QE is unnecessary, businesses need a stable environment with reassurance that interest rates will remain at very low levels for the foreseeable future.”