Manufacturing output is set to contract next year as the deteriorating economic conditions at home and abroad impact on the sector, with increasing costs across the board, tighter fiscal and monetary policy and weakening consumer demand forming a perfect storm.
The forecast was made in the Make UK/BDO Q4 Manufacturing Outlook survey which shows manufacturing contracting by -3.2% in 2023. This comes on the back of a forecast -4.4% contraction this year, although Make UK stressed the number for this year is relative to a very strong 2021 which reflected the pandemic bounceback.
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