Commenting on the latest manufacturing production and trade figures, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:
“The latest data suggest manufacturing posted some significant gains in the second quarter. Production expanded by 1.8% in the three months to June, the fastest pace of increase for six years and linked to this was a solid expansion of export sales with manufacturing exports expanding by 5% in the three months to June taking the value of exports to its highest since the current series began in 1998. Growth was supported by record levels of exports of cars to the EU and aircraft to non-EU markets.
“Clearly, indicators of sentiment post referendum suggest that we’ve hit the high point for manufacturing this year. Amidst the wavering levels of confidence however we should take away some positive news, firstly that manufacturing entered this period of uncertainty from a relatively strong stance and the weaker exchange rate could yet bring benefits on the export side. Still, we’ll need a concerted effort from government to maintain investment across the sector and ensure growth like that seen in the second quarter gets back on track.”