LONDON (dpa-AFX) - UK manufacturers expect output to decline further in the coming three months, the latest quarterly Industrial Trends Survey from the Confederation of British Industry showed Thursday.
Output volumes decreased in the quarter to January after falling at their steepest pace in four years in December, the lobby said. The weighted balance declined to -13 percent from -25 percent in the three months to December.
Firms expect volumes to fall again in the three months to April with the balance declining to -19 percent.
The order book balance logged -20 percent in the three months to January compared to -13 percent in the previous quarter.
Manufacturers expect orders to fall at the fastest pace since the beginning of the pandemic in the three months to April. The index fell to -32 percent from -11 percent in October.
The survey showed that business sentiment deteriorated at the fastest pace since October 2022. The index plunged to -47 percent from -24 percent in October. Export optimism for the year ahead deteriorated sharply.
Further, investment intentions deteriorated significantly compared to October. Manufacturers cited uncertainty about demand as the main constraint on investment.
Average costs increased at a faster pace in the quarter to January. The balance advanced to 43 percent from 25 percent in October. A net 58 percent forecast costs to rise in the coming quarter.
The survey was conducted between December 19 and January 13 among 343 manufacturing firms.
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