London, England, United Kingdom (4E) – British manufacturers’ confidence is at its highest in 40 years, according to a report by the Confederation of British Industry, the latest sign of growing momentum in the country’s economic recovery in recent months.
The business lobby, which surveyed more than 400 manufacturing companies, said the number of upbeat firms outnumber those who are pessimistic by 33 percentage points, the highest balance in the quarterly measure since April 1973.
Companies were similarly optimistic about domestic orders, and to a lesser degree about order books from foreign buyers.
While the manufacturing sector just accounts for around a tenth of the UK economy, the data is further evidence that the country’s gross domestic product continued its growth in the first quarter and is unlikely to slow in the coming months. The first-quarter GDP result is due to be released on April 29.