Clifford Beaumont says UK factory activity remains strong but future prospects will depend on the outcome of Brexit negotiations.
TAIPEI, TAIWAN, March 06, 2018 /24-7PressRelease/ -- Economists at Taipei, Taiwan based investment house, Clifford Beaumont say UK factory activity has slowed only slightly so far this year after reaching record highs towards the end of 2017, a fact which emphasized the importance of European customer demand.
Manufacturing output across the UK remained close to all-time highs during the first two months of this year and Clifford Beaumont economists say that factories are maintaining a strong optimistic sentiment about their prospects.
According to Clifford Beaumont economists, the manufacturing sector was the quickest expanding in the UK economy during the period from October to December last year and was fueled by robust global demand.
A Clifford Beaumont economist stated that while there were indications that UK manufacturing lost some momentum in January and February, factories look set to add a significant contribution to the UK's economic growth this year.
Future prospects depend largely on the results of negotiations between the UK and Europe over Britain's withdrawal from and future trading relationship with the European Union in March next year.
A recent survey by the EEF revealed that 66 percent of UK manufacturers reported increased demand from their European customers. This is more than double the demand for Asian and North American markets.
Clifford Beaumont economists stated that these results do suggest ongoing growth in opportunities in the European Union but added that the manufacturing sector faces challenges including uncertainty surrounding the outcome of Brexit negotiations.
While investment intentions declined from last year's highs, levels were still higher than those seen immediately after the Brexit referendum in June 2016.
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