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05/11/2001
UK manufacturing slides deeper into recession
Output from the UK’s manufacturing sector has fallen to its lowest level in over a decade, indicating that the sector is sliding deeper into recession.
Figures released by the Office of National Statistics have shown that UK factory output fell by 1.6 per cent in September, a drop of 4 per cent on the same time last year.
The result is well below analysts’ expectations, and heralds an end to the recent rise in output levels, when a 1.2 per cent increase in industrial production was announced in August due to higher levels of car production.
However, the fortunes of the ICT sector continue to worsen, with sales of computers and mobiles phones in definite decline. The paper, printing and publishing sector and transport equipment industries were also hard hit during September, experiencing falls of around 2.2 percent in output.
Richard Iley, analyst for global banking group ABN Amro, described the figures as “absolutely terrible" and added: "It is an unremittingly bleak picture for the manufacturing sector with the world economy slowing, firms still struggling with a lack of competitiveness from the strong pound and recession will continue in the manufacturing sector for some months yet." (CL)
Figures released by the Office of National Statistics have shown that UK factory output fell by 1.6 per cent in September, a drop of 4 per cent on the same time last year.
The result is well below analysts’ expectations, and heralds an end to the recent rise in output levels, when a 1.2 per cent increase in industrial production was announced in August due to higher levels of car production.
However, the fortunes of the ICT sector continue to worsen, with sales of computers and mobiles phones in definite decline. The paper, printing and publishing sector and transport equipment industries were also hard hit during September, experiencing falls of around 2.2 percent in output.
Richard Iley, analyst for global banking group ABN Amro, described the figures as “absolutely terrible" and added: "It is an unremittingly bleak picture for the manufacturing sector with the world economy slowing, firms still struggling with a lack of competitiveness from the strong pound and recession will continue in the manufacturing sector for some months yet." (CL)
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