UK manufacturing looks positive
Published: Jul 18, 2012
UK - Many high tech manufacturers in the UK are confident for the future despite an uncertain economy, according to the GE High Tech Index in June 2012.
The half-yearly research, conducted by ORB International for electronic manufacturing company GE, surveyed 402 senior executives in the high tech manufacturing sector in the UK.
Seventy-seven percent of manufacturers polled felt either positive or fairly positive about their business performance, even with an undecided economic outlook and in the midst of uncertainty in Europe.
This is a slight increase from December 2011, where the percentage of high tech manufacturers who were optimistic stood at 73%.
Additionally, 69% of firms surveyed expect their business to grow, with 25% expecting a 10% growth this year. Only 8% are expecting their businesses to shrink.
Twenty-five percent of high tech manufacturers were optimistic about the general economic outlook, as compared to only 15% in December last year. However, companies continue to show apprehension about the UK economy.
Almost half said the Eurozone crisis was pushing them to make business efforts on developing markets, while 42% were already doing so in the UK. Furthermore, many continue to focus on staff retraining to plug skills gaps.
Mark Elborne, CEO of GE in the UK, said manufacturers are taking measures to boost their businesses, including having a focus on emerging markets and sourcing materials from the UK.
"UK high tech manufacturers are showing extraordinary determination and resilience in the face of uncertain economic times in the general economy," he said.
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