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07.03.2016 16:45

U.K. manufacturers' association EEF lowers its manufacturing growth forecasts

The U.K. manufacturers' association EEF lowered its manufacturing growth forecasts on Monday. The manufacturing sector in the U.K. is expected to rise 0.6% in 2016, down from the previous estimate of 0.8%.

The EEF expects the U.K. economy to expand 1.9% in 2016, down from the previous estimate of 2.1%.

The EEF said that output balance increased after hitting weakest point in six years in Q4 2015, while total orders also rose from a six year low.

"After the gloomy end to 2015, this latest data shows a chink of light. But, we should not be getting the deckchairs out yet. The slide is bottoming out, but manufacturing is still in negative territory and faces a precarious climb back up amidst a storm of real uncertainty. In a two-speed scenario, the fact that even those sectors in the fast lane are not relaxed about the global outlook probably says it all," EEF Chief Economist, Lee Hopley, said.

07.03.2016 16:42

Oil advanced

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