Manufacturing & high-tech exports will recover the economy- says EEF

Manufacturing & high-tech exports will recover the economy- says EEFThe EEF Manufacturers believes that manufacturing industry and high-tech exports will help the UK economy recover. The company has expressed its anticipation saying that firms exporting British innovation will perform better than the rest of the economy and guide the country out of recession.

According to Lee Hopley, chief economist of the EEF Manufactures, Manufacturing industry is out of recession and more upbeat than expectation. This industry is having an enormous potential and confidence. Lee is also very much optimistic about the future of this Industry. Now there are huge signs of improving demand for manufacturing products.

The quarterly survey report of EEF shows that the output and orders of various companies are quite excellent and reasonable. It is the best figure after the credit crunch 2008. Hence EEF is forecasting that the growth rate of the engineering companies will be 3.5% this year and 3.3% in the coming year. Where as the manufacturing sector is expected to grow by 1.5% in this year and 3.4% in 2011. GDP growth rate is expected to be 1.1% for this year and 2.3% for the next year.