Manufacturing Proves to be a Pillar of Strength for the UK Economy, MTA Report Finds

In a recent publication, the Manufacturing Technologies Association (MTA) has unveiled the profound positive impact that the manufacturing sector has on the UK economy. The findings reveal that the influence of manufacturing is far greater than previously understood, highlighting its critical role in the nation's economic stability and growth.

The updated report, a follow-up to the MTA's 2018 assessment, looks into the economic repercussions faced by the manufacturing industry due to extraordinary circumstances over recent years. These factors include the global COVID-19 pandemic, the UK's departure from the European Union (Brexit), surging energy costs, and the fragility of global supply chains exacerbated by international conflicts.

Critical Importance of Manufacturing

Its findings bring to light the critical importance of the manufacturing sector, especially during times of unprecedented challenges. The report also highlights that manufacturing is not only a fundamental driver of the UK economy, but also of exports, as well as being a provider of higher-than-average wages.

Key figures within the MTA’s report include:

• Manufacturing contributes a staggering £518 billion to the UK's Gross Domestic Product (GDP), reflecting its indispensable role in the economy.
• The sector supports 7.3 million jobs across the UK, supporting the livelihoods of millions of families.
• Manufacturing is a key driver of the UK's export economy, accounting for 34.5% of all goods and services exports, demonstrating its global reach and influence.
• The median wage in the manufacturing sector is 11% higher than the national average, highlighting the industry's role in providing well-paying jobs and supporting the economic well-being of its workforce.

Continued Support and Investment

As the UK navigates the post-pandemic landscape, the effects of Brexit, and ongoing global uncertainties, the resilience and contributions of the manufacturing sector will undoubtedly remain pivotal.

The MTA's report calls for continued support and investment in this vital sector to ensure its sustained growth and ability to weather future challenges.

To read the full report, click here.