Export orders boost factory production

UK factory production has hit a 17-month high as new export orders from overseas flowed in, but smaller firms are being left behind, according to a new survey.

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The S&P Global UK manufacturing PMI survey, watched closely by economists, showed a reading of 51.7 in February, down slightly on the 51.8 recorded in January.

Any reading above 50 indicates that activity is growing, while any score below means it is contracting. February’s figure showed activity was relatively steady since January, which was the highest score since August 2024.