EEF comments on IoP data

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

“The pace of growth in manufacturing has continued to slow on the back of weak oil & gas activity and a subdued picture in the UK’s major export markets since the second half of last year. There are still bright sports, however, with consumer-facing sectors like transport equipment and food & drink, as well as chemicals, doing well.

“While challenging conditions remain, the recent increase in the oil price may boost investment in the sector and signs of an export pickup in April provide cause for optimism that growth in manufacturing will gradually become more broad-based.”

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