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23/08/2001
UK to avoid full-blown recession
A report by the Confederation of British Industry (CBI) has said that Britain will avoid a full-blown recession.
While Britain's manufacturing sector is the only part of the UK economy officially in recession, the CBI said that the manufacturing sector would start to recover by the end of the year. The report predicts that although the first nine months of the year showed a decline in the manufacturing sector, output was likely improve in the last three months of the year and grow by a modest 0.6 per cent in 2002.
The CBI also pinpointed that fact that the manufacturing trade was the weakest part of the UK economy, and while the overall picture looked brighter, it would continue to struggle.
At present British manufacturers' total order books are at their lowest level for nearly two and a half years with output expected to fall further. (MB)
While Britain's manufacturing sector is the only part of the UK economy officially in recession, the CBI said that the manufacturing sector would start to recover by the end of the year. The report predicts that although the first nine months of the year showed a decline in the manufacturing sector, output was likely improve in the last three months of the year and grow by a modest 0.6 per cent in 2002.
The CBI also pinpointed that fact that the manufacturing trade was the weakest part of the UK economy, and while the overall picture looked brighter, it would continue to struggle.
At present British manufacturers' total order books are at their lowest level for nearly two and a half years with output expected to fall further. (MB)
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