Manufacturing: Key Economic Indicators

Manufacturing is one of the production industries, which also include mining, electricity, water & waste management and oil & gas extraction.

In 2021, the manufacturing sector accounted for 9.7% of total UK economic output (Gross Value Added). In March 2021, it accounted for 7.3% of jobs.

Manufacturing Output

Manufacturing output in April 2022 was 1.0% lower compared to March and 2.0% below pre-pandemic levels (February 2020).

Manufacturing output for the three months to April 2022 decreased by 0.2% compared to the three months to January 2021. For the three months to March 2022, manufacturing output increased by 1.9%, compared with the same period the previous year.

Purchasing Managers’ Index (PMI)

In the S&P Global/CIPS PMI, a value of 50 means that there is no change compared to the previous month. Values above 50 indicate an expansion, and values below 50 a contraction.

The UK manufacturing PMI for June 2022 was 52.8, a two-year low, down from 56.4 in May. Performances varied widely across the manufacturing sector, with consumer goods producers experiencing a downturn in output, compared to robust expansion in the investment goods industry.