EEF comment on IoP data

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Commenting on today’s IoP data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“Despite a rebound in oil & gas extraction the boost was not timely enough to trickle down the manufacturing supply chain where sectors supplying to the North Sea saw big losses in output. While output shrank on the month, however, it is up on the year driven by robust growth in other transport and pharmaceutical sectors. Looking forward, manufacturers in the oil & gas supply chain should also see demand pick up as capital expenditure in the North Sea resumes, which could provide light in the end of the tunnel for manufacturing as a whole.”

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