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Precision engineering and manufacturing grows at its fastest rate in 15 years

Story added 05 February 2010.

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The manufacturing sector grew at its fastest rate for 15 years during January 2010. There were fears from economists that Manufacturing would decline during the period, however growth in the sector hit its highlest level since October 1994 according to the Chartered Institute or Purchasing and Supply (CIPS). It seems Britain limped out of recession with Manufacturing and engineering bucking the trend.

During the recession precision engineering companies and manufacturers cut thousands of Jobs in order for their businesses to survive, therefore it was pleasing to hear that coupled with the growth in output a rise in employment within the industry is also reported. The weakness of the pound has helped providing a much needed boost for British exports, export orders are now at their highest level since CIPS began collecting data in 1996.

With all the good news there has to be a level realism, due to the severity of Britains recession the UK could suffer a 'double-dip' sinario, meaning the economy plunges back into the red. The IMF recently showed that Britains recession was six times worse than the world average.

Many economists still stress manufacturing output still has a 'very long way to go to get back to its pre-recession peak'.

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