The Make UK/BDO Manufacturing Outlook Q2 survey comes on the back of the historic fall in GDP and shows the balance for output reached the lowest level in the thirty year history of the survey, surpassing the previous record lows seen during the worst of the financial crisis. Looking forward the survey shows the prospect for the next quarter and the rest of the year looks little better.
Key findings
- Output plunges to lowest level in 30 year survey history
- UK and export orders at lows comparable to financial crisis
- Employment and investment suffer significant cutbacks
- Just over 10% of companies operating at full capacity
- Industry forecast to contract by almost 10% in 2020
