Abstract
The data for the first five months of 1994 have shown an encouraging pick‐up in manufacturing output, which grew only slowly over the course of 1992 and 1993. The production of investment goods has picked up particularly strongly, after declining over the course of last year. That has benefited the engineering industry, which before this recent surge had seen little benefit from the recovery. In this forecast release, we look in more detail at the sources of this improvement in the outlook for manufacturing industry. Last year, manufacturing output was held back by the recession elsewhere in Europe and the weakness of investment. These factors have now become more positive and will sustain a strong manufacturing performance over the remainder of this year and into 1995. These demand side influences are also being assisted by positive developments on the supply‐side of the economy, which should help to sustain the revival of manufacturing industry over the medium term.
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