Manufacturing to grow faster than overall UK economy next year, forecasts indicate
The UK manufacturing sector is set to grow by 2.7% over the course of 2014, at a faster rate than the overall UK economy, an industry report published by the UK manufacturers’ organisation EEF has revealed.
The report points out that orders and output are now rising and that UK factories plan to ramp up hiring and investment, but the overall uncertainties in the global economy could adversely affect a sustained recovery.
Despite the uncertain export outlook, the group believes the sector will grow by 2.7% in 2014 compared with 2.4% for the economy overall. EEF thinks that this year the manufacturing sector will have contracted 0.1% while the wider economy grows 1.4%.
A separate report published by business lobby group the CBI has revealed that medium-sized businesses are helping to drive the recovery, as they have created jobs at twice the pace of large companies. In fact, these companies added 185,000 jobs between March 2010 and March 2013, a rise of 4.1%, and now employ 16% of the UK’s total workforce.
Medium-sized firms, classed as having 50-499 staff and a turnover of £10m-£100m, have also grown their turnover by 7% – more than double that of smaller firms and large companies.
As companies ramp up production and plan to take more staff on-board, the need to implement strict personnel management solutions in order to ensure a sustained, solid long-term growth process also becomes more dire.
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