“Britain’s factories are booming again after output and new orders grew at their fastest pace in almost 20 years in August, confirming hopes that the recovery is rapidly gathering momentum” (Daily Telegraph)
My Comment. Telegraph headlines echo other similar claims. But is this recovery real? How far does it have to go to catch up with the lost production of the past four years?
The chained volume index of Gross Value Added (GVA) in Manufacturing is as follows
Then in the first quarter of 2013 it FELL to 98.6 rising a very little bit in the second quarter to 99.3. We have not yet returned to the GVA of 2010 quite apart from the 2008 level.
Monthly figures for 2013 tell the same story for output
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