The U.K. manufacturers’ association EEF lowered its manufacturing growth forecasts on Monday. The manufacturing sector in the U.K. is expected to rise 0.6% in 2016, down from the previous estimate of 0.8%.
The EEF expects the U.K. economy to expand 1.9% in 2016, down from the previous estimate of 2.1%.
The EEF said that output balance increased after hitting weakest point in six years in Q4 2015, while total orders also rose from a six year low.
“After the gloomy end to 2015, this latest data shows a chink of light. But, we should not be getting the deckchairs out yet. The slide is bottoming out, but manufacturing is still in negative territory and faces a precarious climb back up amidst a storm of real uncertainty. In a two-speed scenario, the fact that even those sectors in the fast lane are not relaxed about the global outlook probably says it all,” EEF Chief Economist, Lee Hopley, said.
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