Manufacturing is punching above its weight

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According to official data, manufacturing output grew by a modest 0.2% in March. Output was up by 1.1% on the quarter - which was no snow-bounce, as output was up 1.1% in q4 as well.

Another solid quarter of growth, however, means that UK manufacturing is the biggest source of growth in the economy. Manufacturing accounts for around 13% of the economy. But according to official statistics, it has accounted for 33% of the economic recovery.

Manufacturing is punching above its weight, and the economy is benefiting in terms of jobs and investment.

Share of GDPSource: ONS & EEF

Share of growth since the recovery endedSource: ONS & EEF

While a meek February and March are cause for concern, manufacturing output is still 8.5% below its pre-recession peak, leaving plenty of fuel in the tank drive growth in the coming months.

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