CBI: industrial output will grow by next year
UK FACTORY orders fell at their slowest pace in November for almost a year, while export demand was the strongest since April, the CBI’s monthly industrial trends survey showed yesterday.
The CBI survey’s total order book balance rose to an 11-month high -45 per cent this month, up from -51 per cent in October, slightly better than analysts’ forecast of a reading of -47 per cent.
A balance of four per cent of manufacturers expect to raise output over the next three months, while the rise in the export order book to -37 per cent took it to its highest level since April.
“The weaker pound has softened the blow for exports, but the ongoing lack of demand for manufactured goods reconfirms that any recovery will be anaemic,” said CBI chief economics adviser Ian McCafferty.
“Expectations of marginal growth in output in the coming months are encouraging, but rising stock levels leave a question mark over the strength of demand,” he added.
Economists said the survey was good news, as was an expansion of industrial production in the fourth quarter for the first time since late 2007.