United Kingdom manufacturing sees further solid growth at end of Q3

02 November, 2017, 01:07 | Author: Gladys Mathis
  • Urjit Patel and Arvind Subramanian

Firms passed on greater cost burdens and raised prices more sharply, suggesting retail inflation could extend its uptrend over the coming months.

Further reports also suggest that growth activity is expected to increase gradually to 7.4 percent by 2020, driven by a recovery in private investments which continues to face several domestic hurdles like corporate debt, regulatory and policy challenges and the risk of an imminent increase in USA interest rates.

Indian factory activity barely expanded in October as new orders fell, a survey showed Wednesday, as price rises following the introduction of a goods and services tax dragged on the economy and underscored dim growth prospects over coming months.

With a PMI above 50 signalling growth, the manufacturing sector has been on the rise for 15 months in a row, according to Markit's figures.

British manufacturers reported stronger growth in October, driven by higher domestic demand and export orders.

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"The Dutch manufacturing PMI edged further towards an all-time high in October", said Trevor Balchin, director at IHS Markit, which compiles the Netherlands Manufacturing PMI survey.

Growth is estimated to accelerate to 6.4 percent during the July-September quarter, followed by 7.1 percent and 7.7 percent over the last two quarters of the current fiscal year that ends in March, the Times of India quoted government sources as saying.

On the price front, manufacturing companies continued to face higher input costs, which rose at the fastest pace since May.

However, production rose at a solid clip thanks to an otherwise broad based expansion of sub-categories in the manufacturing sector including intermediate and investment goods producers. That said, their ability to fully pass on higher input costs was restricted due to competitive conditions.

"Business confidence eased to the weakest since February as some firms expressed concerns over negative GST effects", Aashna Dodhia, Economist at IHS Markit, said. Inflows of new orders stagnated as the negative effects arising from the implementation of GST continued to dampen demand levels. Foreign demand contracted at the fastest pace since September 2013. "However, those manufacturers that were optimistic forecasted benefits of GST materialising over the next 12 months".

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