Forecast delivers positive outlook
A
Manufacturing Technologies Association product story
Edited by the Engineeringtalk editorial team
Jun 15, 2004
The MTA's Economic Forecast Update released last week indicated the most positive outlook for the machine tool sector in recent years, with growth for 2004 in the region of 20%.
The MTA's Economic Forecast Update, presented in conjunction with Oxford Economic Forecasting (OEF) to members last week, indicated the most positive outlook for the machine tool sector in recent years with growth for 2004 in the region of 20%.
Investment in the sector is recovering and the overall picture for the economy and GDP growth is improving.
MTA President, Paul Maynard, commented: "Whilst we are very encouraged by this week's figures, it is essential to remember the backdrop to this growth".
"The recovery that these figures indicate comes from an extremely low base and confidence, while growing, remains fragile".
Last week's decision by the Bank of England's Monetary Policy Committee to increase interest rates by another quarter of a percent is especially disappointing because this will have a direct impact on confidence and, therefore, investment, slowing our forecast rate of growth.
Before taking the decision to raise rates any further the MTA suggests that the MPC uses the summer months to analyse the effect that today's decision has on the whole economy.
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