Company News
Manufacturing Makes Up 23% Of UK Economy
Monday 16th April 2018
Adrankone
The manufacturing sector in the UK accounts for 23 per cent of the economy, new research has revealed, with 48 per cent of exports manufactured goods.
A new study, carried out by the Manufacturing Technologies Association, has found that manufacturers also make up nearly 70 per cent of all spend in research and development investment in the UK.
James Selka, CEO of the organisation, noted that the industry has succeeded in creating a "wealth that is irreplaceable" and this needs to be protected and promoted by government policies so the industry can grow even further.
"This report clearly demonstrates that anyone who says that manufacturing doesn't matter much to the UK's economy is badly mistaken. The figures that people often quote setting manufacturing alongside the service sector miss the point that a huge part of the service sector - from logistics, to research, to catering - serves manufacturing," he went on to say.
Mr Selka added that the Industrial Strategy provides an opportunity to push productivity levels even higher to help the economy grow. Exports can be boosted by encouraging investment in order to take advantage of new technologies like big data, artificial intelligence and additive manufacturing.
That said, new figures released by the Office for National Statistics show that output in the sector unexpectedly dropped 0.2 per cent in February, the first recorded fall in almost 12 months - and down from the revised growth of zero for January.
The drop was put down to falls in electrical appliance manufacturing and oil refining, the [BBC reports=].
For fluid system components and more, check out our website today.
