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Manufacturers’ confidence boosted by export orders

Confidence in the manufacturing sector rose to a new high last month.
Confidence in the manufacturing sector rose to a new high last month.

Confidence in the manufacturing sector rose to a new high last month, with growth prospects for the rest of the year strengthening.

Accountancy and business advisory firm BDO said its positive survey results were further evidence of a rebalancing in the economy away from the dominant position of the service sector.

The latest instalment of its Business Trends survey found a jump in confidence as growth in the eurozone helped to stimulate export orders.

The “stellar” performance helped bump the overall optimism index to a 22-year high, BDO said.

“High-growth expectations among manufacturers are a key highlight of this phase of the recovery, with a stronger manufacturing sector set to benefit Scotland in the long term by rebalancing our economy away from London and the City,” said BDO partner and Scottish head Martin Gill.

“However, manufacturing is still some way off its pre-crisis peak and confidence in the sector has proved to be volatile in the recent past, impacting negatively on investment and hiring decisions.”

And he warned that a further rise in the value of the pound against foreign currencies would be “unwelcome” and could undermine the growth trajectory.

BDO said its study had shown the service sector remaining “more flat” since the turn of the year, albeit at a level which still indicates growth. The research also showed an upturn in hiring intentions, and increasing preparation for upwards pressure on prices.

Meanwhile, the Bank of Scotland’s monthly Report on Jobs revealed “strong” growth in demand for staff north of the border but also highlighted “an acute lack” of candidates.

Staff placements increased at a slower rate, with starting salaries on the rise.

Temporary postings stagnated, with hourly rates also on the up.

The overall barometer measure remained close to its highest ever level at 63.9, though it fell behind its UK equivalent for the first time in 14 months.

Bank chief economist Donald MacRae said the study showed the economic recovery had continued into the second quarter.