Boom in Overseas Manufacturing Expected, While Domestic Outlook Bleak
8th January 2018.
Manufacturers are set to benefit from a boom in overseas demand this year, with companies said to be more optimistic about the outlook for the global economy.
A new report from EEF, the manufacturers’ organisation, has forecast an improvement in overseas economic conditions in 2018.
This positive global economic outlook has led factories to forecast that productivity, sales, profit margins and hiring levels will all improve this year.
Business confidence has been found to be highest in the northeast and northwest of England, where many of Britain’s factories are based.
In spite of this, the EEF has found a darker domestic outlook for the year ahead. For the second year running, more British manufacturers expect a deterioration in the domestic economic situation than an improvement.
A separate report by Deloitte, the accounting giant, concluded that Brexit was a chief factor for the pessimism among UK businesses. A number of businesses were already considering ways to combat difficulties, with 51 percent already reducing costs.
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