Economy hopes boosted by factories ahead of key official growth data
Thursday 25 July 2013
British and European manufacturers put their Chinese rivals in the shade yesterday amid more recovery signs for the economy.
The CBI's latest snapshot of the industry's fortunes showed that in the quarter to July, UK businesses saw orders grow at their quickest pace since April last year.
The news comes ahead of official estimates today that are expected to show the wider economy picking up the pace of growth to 0.6 per cent between April and June, the best performance since last summer's Olympics.
European manufacturers, meanwhile, pulled out of recession territory in July, according to the financial data provider Markit, registering growth for the first time since February last year and the largest monthly rise in output since June 2011.
The figures formed a contrast with China, where worries over a deepening slowdown for the economic powerhouse intensified as manufacturing output shrank at its fastest pace for 11 months, according to HSBC.
The CBI's survey of nearly 400 businesses found confidence over export prospects growing for the second quarter in a row and employment in the sector rising for a record 12th successive quarter.
The CBI's economics director, Stephen Gifford, said: "Manufacturers have seen a pick-up in activity across the board this quarter, with new orders and production continuing to rise."
In Europe, Markit said French and German manufacturers were leading the recovery, fuelling hopes that the eurozone is finally pulling out of its recession this summer – if only marginally – after six quarters of decline.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Canadian woman suing police who locked her in van with sex offender who then raped her
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Gay couple buy JebBushForPresident.com web domain, and refuse to sell
Canadian woman suing police who locked her in van with sex offender who then raped her
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Stephen Fry explains what he would say if he was 'confronted by God'
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...