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Stable UK economy but concern over risk is growing, says latest CBI industry survey

01 June 2016

A steady performance by the UK private was sector was reported by the CBI in its latest Growth Indicator for May, but there is increasing concern over risks.

Uncertainty over the global economy and the outcome of the UK's referendum on EU membership are worrying issues for businesses, says the CBI.

After surveying 785 respondents across the service, distribution and manufacturing sectors, it says that growth output increased by 11% in May, compared with 10% in April.

There expectations of a 13% increase over the next three months, although this is exactly half the average seen for this period from the previous three years.

Both the services and manufacturing sectors saw growth in the last three months, while retailers reported falling sales, the CBI reports.

Director of economics Rain Newton-Smith said the risks caused by uncertainty and the EU referendum "are clear as day".

"Expectations for growth have slipped and are well below the levels of the last few years, with uncertainty swirling around the pace of output and the impact from risks on the horizon."

The CBI Growth Indicator is a composite of data on output, sales and business volumes using three long-running UK business studies, including the Industrial Trends Survey, the Distributive Trades Survey and the Service Sector Survey.


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