A surge in manufacturing has contributed to better-than-expected GDP, according to the Office for National Statistics (ONS).
The ONS reports manufacturing growth of 2.4% as being the greatest contributor to production, with the pharmaceutical and transport industries performing particularly well:
“The manufacturing sector saw growth in 11 of its 13 subsectors…with manufacture of basic pharmaceutical products and pharmaceutical preparations the largest contributor to growth, growing 7.9% in June 2023. Notable growth was also seen in the manufacture of transport equipment, which grew 4.8% in June 2023.”
It added that the manufacture of semi-trailers, trailers, and motor vehicles in June increased by 8.5%. The automotive sector has been performing particularly well recently as supply chain issues started to abate.
The ONS also revised its previous estimate for manufacturing in May, from a fall of 0.3% to a fall of just 0.1%. This drop in manufacturing activity is largely attributed to the extra bank holiday, as part of the celebrations for King Charles III’s coronation.
Overall, the wider economy grew a little more than expected at 0.2% during the second quarter. This also implies that the Bank of England’s forecast of 0.4% growth in the third quarter, which some thought might be optimistic at the time, is achievable.
While it is certainly good to see UK manufacturing bouncing back, it’s always good to cut costs wherever possible. Here at TrAchem, we can supply products like Mobil DTE alongside Quaker Houghton Fenella and numerous other industrial fluids, so we can help you to reduce lubricant costs by consolidating your supplies.
