A new survey by the CBI has shown that small and medium-sized businesses in the manufacturing sector are showing signs of exceptional economic recovery.
Businesses are for the fourth quarter in a row, reporting average growth of 15 per cent, which is expected to rise to 19 per cent next quarter.
Employment is also up, by 24 per cent, which is the highest growth since records began according to the survey’s findings.
However, export growth fell by 2 per cent, on average, while export prices dropped by 13 per cent and domestic prices by 2 per cent.
Deputy director of CBI Katja Hall said:
“Export orders have under performed this quarter, which may be because of the strength of Sterling.
“We need the Government to get behind our small and medium-sized manufacturers to help them to sell their products and services to new markets around the world.”
However, 31 per cent of companies said they are feeling ‘optimistic’ about the future versus the 10 per cent who are concerned.
Hall added:
“Smaller manufacturers are settling into a regular growth pattern [and] remain upbeat about their business situation.”
Source: Real Business