A slowdown in the manufacturing sector is a further sign of Brexit uncertainty taking hold, Greater Birmingham business leaders said today.
New figures show UK gross domestic product (GDP) grew by 0.4 per cent in the three months to October 2018.
This was driven mainly by strong performances from the service, production and construction sectors.
But, after a strong summer, overall growth did slow to 0.1 per cent during October.
And manufacturing remained subdued throughout the three-month period – a sign that Brexit uncertainty is becoming “more pronounced”, according to Greater Birmingham Chambers of Commerce (GBCC).
Chief executive of the GBCC, Paul Faulkner (pictured), said: “Following a strong performance in the summer, there’s no getting away from the fact that UK economic growth slowed markedly in the Autumn.
“Although the services sector made a positive contribution to growth levels, it is concerning to see subdued output in the manufacturing sector as we edge closer to March 2019 and Brexit related uncertainty becomes more pronounced.
“Early analysis from our Q4 Quarterly Business Report reveals that service firms in the region experienced a strong quarter and it was pleasing to see the majority of businesses across Greater Birmingham still expect their profits to increase over the next 12 months despite the insecure environment they are operating in.
“We will be discussing these results and others at the launch event for our upcoming Quarterly Business Report and I would encourage local firms to attend and share their views on these important themes.”
The GBCC’s Quarterly Business Report Launch event takes place at Birmingham City University on Tuesday 15 January.
Click here to book on to the event.
The post Manufacturing slowdown a concern – Chamber appeared first on USNewsRank.