Rising through the global ranks: British manufacturing on the up, according to new data
Facts and figures published by the manufacturers’ organisation, EEF, and Santander show that British manufacturing has climbed up the global rankings to now be the eighth largest industrial nation.
The new data has revealed that Britain has an annual output worth $249 billion, meaning it has risen a place in the global rankings.
Pharmaceuticals comes in joint second with transport when looking at the largest individual sectors, accounting for 14% of the annual output, food and drink ranked first. However, it was top when considering the manufacturing innovation league table with office for national statistics (ONS) figures showing it accounts for 34.4% of the country’s innovation.
“With government facing lots of major policy decisions on everything from our future trading relationship with Europe and the rest of the world to the detail of a long-term industrial strategy it is vital that they have the right industry facts at their fingertips. Our latest annual fact card reveals that manufacturing’s share of the economy remains stable at 10%, but the sector makes a much larger contribution to vital exports and innovation,” explained Lee Hopley, chief economist of EEF. “With the focus on industrial strategy, this year we highlight the varying strengths we see across manufacturing sub-sectors, from the strong R&D performance of pharmaceuticals and transport to the high export intensity of machinery and chemicals.”
“Manufacturing remains a key part of the UK economy and it is really encouraging to see that the UK is now the 8th largest manufacturer by output in the world, and that the majority of UK adults believe we should be aiming to be in the top five,” added Paul Brooks, head of manufacturing, Santander Corporate & Commercial. “With strong manufacturing figures reported from across the country, it is crucial that we continue to support manufacturers in all regions of the UK. Despite uncertainty around Brexit, manufacturers are seizing opportunities to increase their now more competitive exports, with the sector accounting for 44% of UK exports. With the top 10 export destinations featuring markets both within and outside of the EU, Santander is committed to helping manufacturers reach new markets.”