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UK manufacturing 'boosted by overseas demand' UK manufacturing 'boosted by overseas demand'
(about 1 hour later)
Rising overseas demand has created buoyant conditions for manufacturers in the UK, a report suggests.Rising overseas demand has created buoyant conditions for manufacturers in the UK, a report suggests.
The Engineering Employers Federation (EEF) predicted manufacturing output would increase by 3.7% this year and by 3.2% in 2011.The Engineering Employers Federation (EEF) predicted manufacturing output would increase by 3.7% this year and by 3.2% in 2011.
It added firms were creating jobs - though these were mainly going to temporary or agency staff.It added firms were creating jobs - though these were mainly going to temporary or agency staff.
The EEF also warned that cutbacks in government spending and the uncertain outlook for the US would affect growth. The EEF also warned that cutbacks in government spending and the uncertain outlook for the US could affect growth.
"Manufacturers have continued to reap the rewards of growth in overseas markets with the upswing being felt across all sectors and regions," said EEF chief economist, Lee Hopley."Manufacturers have continued to reap the rewards of growth in overseas markets with the upswing being felt across all sectors and regions," said EEF chief economist, Lee Hopley.
"However, we have to maintain perspective that the recovery is coming from a very low base and the risks to the economy in the medium term haven't gone away.""However, we have to maintain perspective that the recovery is coming from a very low base and the risks to the economy in the medium term haven't gone away."