The UK manufacturing sector was the largest contributor to production output in June 2023, which in turn was the largest contributor to GDP growth, according to the latest ONS figures.
The UK economy grew by a modest 0.5 per cent in June 2023, following a fall of 0.1 per cent in May. The largest contributor to GDP growth was production output, which grew by 1.8 per cent in June, having previously fallen by 0.6 per cent in May. June’s production output growth was the strongest seen since August 2020, when it grew 1.9 per cent.
The largest contributor to the production output growth witnessed was manufacturing output, which grew 2.4 per cent in June, the strongest growth since November 2020, when it grew 2.5 per cent. In fact, the manufacturing sector recorded growth in 11 of its 13 subsectors, with basic pharmaceutical products and pharmaceutical preparations the largest contributors to manufacturing growth, growing 7.9 per cent in June.
Accrol Group Holdings plc (LON:ACRL) is the UK’s leading independent tissue converter, producing toilet tissue, kitchen towel, facial tissue and biodegradable wet wipes. The UK soft tissue market is worth £1.6bn with private label products comprising circa 50%. Accrol is the leading supplier to the private label market, which is growing at over 8% year on year.
