Manufacturing is on the up and in the midst of its longest run of growth ever. That is according to the Office of National Statistics (ONS).
The welcome news came as the figures for January were released and revealed that industrial production had recorded its biggest monthly increase in over a year. The 1.3 per cent growth from December to January continued a nine month roll of unprecedented growth, which is the longest since records began in 1968.
The ONS data has shown that a synchronised global upswing is helping to benefit UK manufacturers, with output increasing by 0.1 per cent in January.
Oil and gas production also shared in the good news, with another record being broken as production surged by 32 per cent. This figure has recouped the losses suffered in December, partly due to the three week closure of the Forties Pipeline System.
The news follows on from January’s revelation that UK manufacturing output was expanding at its fastest rate since 2008. Back then, BBC economics editor, Kamal Ahmed, said: “British manufacturing is riding high on two big trends – a weaker currency and global growth.
“Sterling’s fall in value following the Brexit referendum has made UK exports more competitive. And for the first time since the financial crisis, the three main engines of global growth – the USA, China and Europe – are performing strongly at the same time.
“That has led to car exports, for example, rising rapidly – contributing to a narrowing of the trade deficit with the rest of the world.
“That’s the difference in value between what we import and what we export.”