Business & finance
Economic outlook Manufacturing and Engineering businesses are more positive than negative about the macro-economic outlook, ‘outperforming’ the consolidated UK sentiment. Compared to the end of 2022, firms in the sector are considerably
more optimistic than they were.
The Best is Now BETTER
This indicator has contributed most to the decline in the overall BSI; for example, in November 2021 75% of respondents were positive about the economy – by December 2022 this had fallen to just 38%.
There won’t be a significant change
Confident economy will grow
Concerned economy will slow
UK
Manufacturing and Engineering
May 2023 December 2022
43%
46% 11% 55% 9%
43% 8% 55% 7%
49%
36%
38%
Predicted business performance Predictions about future business performance remained stable, with the majority expecting their prospects to remain unchanged. Overall,
fewer firms predict they will contract than earlier in the year (7% against 11%). Q: In general, how do you expect your business to perform over the next 12 months?
Expand
Stay the same
Contract
Close down
UK
Manufacturing and Engineering
May 2023 December 2022
34% 1% 30% 54% 15% 1% 55% 10%
37% 54% 7% 1% 36% 52% 11% 1%
When I spoke with Steve Gee, CEO of our Industrial Equipment Division, he had this to say: “After well over a year of declining confidence – according to our data - it’s encouraging to see an element of positivity returning to the market, no matter how tentative. “What business owners want, almost more than anything, is an element of consistency, which gives them the ability to plan and forecast effectively. Many of the recent challenges have been entirely unexpected, and after the difficulties of the past few years, it’s impacted their ability to grow. “But what it has again demonstrated is the continued resilience of the UK and Ireland’s SMEs, and we’re looking forward to working with them in the coming months and years.”
Score calculation* The BSI is based on the views of more than 900 business owners and senior members of the UK’s business community and calculated from data charting their: l Appetite for investment in their business in the coming 12 months l Access to finance and whether they’ve missed a business opportunity through lack of available finance l Views about the UK’s economic outlook l Thoughts on their likely performance in the coming 12 months
Machinery & Manufacturing 28
www.iscar.com
Powered by FlippingBook