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U.K. Manufacturing Growth Surges to Fastest in Three Years

  • Report reinforces view the economy is in a ‘sweet spot’
  • Pound decline helping exports, though also boosting costs
Updated on

U.K. manufacturing unexpectedly grew at the fastest pace in three years in April as the domestic market strengthened and the pound’s depreciation boosted exports.

A measure of factory conditions rose to 57.3 from 54.2 in March, according to IHS Markit’s Purchasing Managers’ Index. That’s far better than the 54 forecast by economists in a Bloomberg survey and above the 50 level dividing expansion from contraction. Growth in new orders and exports also gathered pace.