British Manufacturers Expect Decline In Output To Slow: CBI
British manufacturers expect the pace of decline in output volumes to slow in the next quarter after a record fall in three months to June due to the deep downturn caused by the coronavirus pandemic, the Industrial Trends Survey from the Confederation of British Industry showed Monday.
The balance for output volumes declined to 57 percent in June from -54 percent in May. This was the fastest pace on record since July 1975. However, a balance of 30 percent forecast output to drop at a slower pace in the next three months.
The order book balance improved to -58 percent from -62 percent in May. Nonetheless, it remained poor by historic standards. At the same time, the export order book balance fell to -79 percent, the lowest on record.
Tom Crotty, group director, INEOS and chair of the CBI manufacturing council, said, “The COVID-19 crisis has been hugely challenging for the manufacturing sector, and these figures reflect the tough circumstances faced by firms across the country.”