Commenting on today’s Q3 GDP data, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, said:
“Growth was partly dragged back due to manufacturing remaining in recession. The weakness was broad based across the sector as recent challenges have been exacerbated by the sharp contraction in iron and steel, and signs of slower demand from the consumer sector.
“Yet the news wasn’t wholly negative, with bright spots including transport equipment doing well, thanks to a backlog of aircraft orders, and manufacturers still maintain some, albeit muted, confidence about their longer-term business prospects.
“The challenging environment highlights that policy decisions in the upcoming Spending Review, particularly on support for exporters and innovation, will be crucial for sustaining manufacturers’ confidence in the year ahead.”