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Manufacturing sector accounts for nearly a quarter of the UK economy claims new report

12/04/2018
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Manufacturing accounts for nearly a quarter (23%) of the UK economy and more than 7.4 million jobs depend on it according to new research commissioned by the Manufacturing Technologies Association (MTA).

Conducted by consultancy Oxford Economics the report examines the full impact of the manufacturing sector, including the indirect effect of increasingly complex supply chains and the induced effect of the spending that manufacturers wages create in the economy.
The MTA Report includes statistics around the sector's contribution to the UK's export performance and R&D investment.
Aside from the bold headline figures, the report also provides some fascinating insights into the UK manufacturing sector.

For example, the MTA Report includes statistics around the sector’s contribution to the UK’s export performance (48% of exports are manufactured goods) and R&D investment, with manufacturers accounting for nearly 70% of the total spend.

It also reveals that manufacturing productivity is £67,000 per year (higher than the UK average of £56,700) and that the median wage in the industry is £27,400- meaning that on average manufacturing workers take home 19% more than other workers.
The report also reveals that manufacturing workers typically take home 19% more than other workers.
Commenting on the report, James Selka, CEO of the MTA, said:

“This report clearly demonstrates that anyone who says that manufacturing doesn’t matter much to the UK’s economy is badly mistaken.”

“The figures that people often quote setting manufacturing alongside the service sector miss the point that a huge part of the service sector- from logistics, to research, to catering- serves manufacturing. The impact is felt far outside factory gates in offices, laboratories, shops and warehouses right across the country. For every £1 million the manufacturing sector contributes to GDP itself, it creates another £1.5 million elsewhere in the UK economy and for every direct job within the sector, another 1.8 are supported elsewhere in the UK economy.”

“Manufacturing creates a wealth that is irreplaceable and we need to make sure that Government policies promote and grow it.”

“There is an opportunity, through the Industrial Strategy, to increase productivity levels further still and to help the UK economy grow and boost our exports by encouraging manufacturing investment to take advantage of new technologies such as Big Data, AI and Additive Manufacturing.”

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Manufacturing sector accounts for nearly a quarter of the UK economy claims new report - Time to read 2 min
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