According to recent figures on the Purchasing Manager’s Index (PMI), which indicates manufacturing performance, UK industry has seen month-on-month growth for the past two years.
PMI surveys are carried out by Markit Economics, based on feedback from selected companies, with the latest results beating expectations in the month of March.
Senior Economist at Markit, Rob Dobson, said: ‘The sector is on course for output growth ranging around 0.6% over the opening quarter as a whole, a positive contribution to broader economic expansion and its best performance since the first half of last year.’
Recent figures from the Office for National Statistics also confirm recovery of the UK economy, growing at its fastest pace in the nine years to 2014 – at an overall rate of 2.8%.
Chancellor George Osborne said the ONS figures were a ‘hat-trick of good news’, adding: ‘With 37 days to go to the election it’s another sign that changing course would put recovery at risk.’