Manufacturing output has recorded its best year-on-year performance in fifteen years as of July, according to figures released by the Office for National Statistics today.
Total manufacturing output was up 4.9 per cent in July compared with at the same stage last year, something the ONS labeled “the strongest picture since December 1994.” The machinery and equipment industries (up 17.7%) and the basic metals and metal products industries (up 12.4%) have been the biggest contributors to the growth.
Growth was recorded on a monthly basis as well, albeit at a slightly less impressive rate of 0.3 per cent between June and July. The transport equipment industry sector continued its difficult year though and was down 3.2 per cent in the transport equipment industries in that period.
On a quarterly basis, manufacturing output was up 0.9 per cent from May to July.
Commenting on today’s statistics, Business Minister Mark Prisk recognised that manufacturing will be “vital” for the recovery of the economy.
“We need to be cautious as manufacturing activity may slow over the coming months but I am most encouraged that the sector continues to be more productive,” he said.