LONDON, June 19 (Reuters) - Britain's main manufacturing trade body Make UK revised up its outlook for this year on Monday thanks to strong demand for aircraft and electronics, but said it still expects production to fall over the year as a whole.
Make UK said it expected factory output to fall 0.3% this year compared with a 3.3% contraction expected three months earlier, and kept unchanged its forecast for 0.8% growth in 2024.
"Manufacturers are seeing a gradually improving picture, but the word 'gradually' is doing a lot of heavy lifting," said James Brougham, senior economist at Make UK.
Aerospace had been boosted by a resumption of travel and aircraft orders after the COVID-19 pandemic, while demand for electronics partly reflected businesses' desire to counter labour shortages.
Supply-chain pressures remain an issue for medium-sized firms, said Richard Austin, head of manufacturing at accountants BDO, who sponsored the survey of Make UK members.
Persons:
James Brougham, Richard Austin, Austin, David Milliken, Jan Harvey
Organizations:
Make, Manufacturers, Aerospace, BDO, Thomson
Locations:
Russia, Ukraine, April's