Senior manufacturing executives rank the UK 2nd, along with China, as a country where global companies expect to derive the majority of their sales growth over the next two years, ahead of Germany, India and Japan, according to a global manufacturers outlook by KPMG.
Global manufacturing executives rank the UK as one of the top destinations for future sales growth, ahead of established manufacturing economies such as Germany. The UK has risen to second place – ranked equally with China – as a country where global companies expect to derive the majority of their sales growth over the next two years. Only the US (45 per cent) beats the UK (17 per cent) which is ranked in joint second place with China (17 per cent), according to the Global Manufacturing Outlook published today.
Global Manufacturing Outlook, which surveyed 460 executives globally, also reveals that in terms of a country where global companies expect profit growth in the next two years, the UK is ranked third (16 per cent), only marginally behind China (18 per cent), and marginally ahead of Germany (15 per cent).
Stephen Cooper, KPMG’s UK head of Industrial Manufacturing, said: “This is encouraging news for manufacturers in the UK and reflects the increasing confidence in the sector we have seen in recent months. The UK economy overall is showing positive economic signs, while comparatively, some of our overseas competitors are on more shaky ground.”
In terms of development focus, it seemed that innovation efforts were focused on enhancing existing product lines and services (with 71 per cent of UK companies spending in this area), rather than on breakthrough innovation in which only 29 per cent of UK companies put their efforts.
The 2014 Global Manufacturing Outlook is based on a survey of 460 senior executives conducted by Forbes on behalf of KPMG International in early 2014. Respondents represented six industries: Aerospace and Defense, Automotive, Conglomerates, Consumer Products, Engineering and Industrial Products, and Metals. Fifty percent of respondents held C-level positions and a third represented organizations with more than USD 5 billion in annual revenue. Respondents were distributed fairly evenly between the Americas, Europe and Asia.
