UK manufacturing growth nears record-high in April
The growth in the United Kingdom's manufacturing sector continued to accelerate in April, nearing record levels, IHS Markit reported on Tuesday.
The UK IHS Markit/CIPS Purchasing Managers’ Index (PMI) stood at 60.9 in April, up from 58.9 recorded a month earlier and hitting the highest level since 1994 when it was 61.
"Further loosening of COVID-19 restrictions at home and abroad led to another marked growth spurt at UK factories. The headline PMI rose to a near 27-year high, as output and new orders expanded at increased rates," Rob Dobson, director at IHS Markit, stated. "The outlook for the sector is also increasingly positive, with two-thirds of manufacturers expecting output to be higher in one year’s time. Export growth remains relatively subdued, however, as small manufacturers struggle to export," he added.