UK manufacturers lift 2023 outlook, boosted by aircraft and electronics

Britain's main manufacturing trade body Make UK revised up its outlook for this year on Monday, per Reuters. The news also cites demand for aircraft and electronics as the main catalysts while adding that it still expects production to fall over the year as a whole.

Reuters said, “Make UK said it expected factory output to fall 0.3% this year compared with a 3.3% contraction expected three months earlier, and kept unchanged its forecast for 0.8% growth in 2024.”

Together with the economic forecasts, the Make UK Senior Economist James Brougham said, "Manufacturers are seeing a gradually improving picture, but the word 'gradually' is doing a lot of heavy lifting."

More to come