A sharp decline in confidence in the UK manufacturing sector could result in business growth plateauing throughout the remainder of the year , a new report has found.
The latest BDO business trends report found that September growth expectations among manufacturers saw their steepest fall since May 2013.
While still above the average score of 100, the index fell to 105 last month from 105.1 in July.
Manufacturers’ confidence also fell to 118.8 from 119.9.
A large part of this was seen by manufacturers exporting overseas, where conditions are worsening.
“With global conditions becoming increasingly challenging, it was only a matter of time before the stellar increases in economic growth recorded earlier this year came to and end,” BDO partner Peter Hemington said.
“Given their reliance on exports, manufacturers have borne the brunt of weakening global demand but the effects of stuttering worldwide growth are obvious throughout the economy.”