Britain’s manufacturers have slashed their growth forecasts for both industry and GDP in 2023 in response to the escalating economic crisis and the likely impact on consumers and major markets.
Key findings: Output and orders continue to weaken UK orders lead export orders for fourth consecutive quarter Price levels remain exorbitant though outlook weakens Employment intentions and actual hiring illustrate labour shortage, investment intentions steady at supressed level following Q2 tumble Manufacturing output growth forecast for 2022 at 2.4% and 0.6% for 2023
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