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Annual Business Survey, revised results for 2016

This structural survey from the Office for National Statistics (ONS) gives an overview of the industrial structure of the UK economy at a detailed industry level.  It major problem is the time taken to produce the data, with 2017 figures not due for release until November.

However, the mid-year release sees a revision for 2016 from which we can draw some conclusions.  We will focus on what we have defined as “Advanced Engineering”;  this is defined as SIC chapters 25 to 30 and 33 and covers Metal Products, Electronics, Electrical Engineering, Machinery, Automotive, Other Transport Equipment and Repair & Maintenance of these industries.

Total turnover of these industries increased by +5.7% in 2016, but with total purchases of goods, materials and services up by +7.7%, gross value added by the sector only grew by +1.4%.  However, this was still faster than the increase of +0.7% in average employment which reached 1.13 million people - this is its highest level since 2009.  Total net capital expenditure was unchanged compared to the 2015 level.

You can download the ONS Statistical Bulletin from their web-site at or request it from MTA;  we also have an analysis of the key industries which is available to members - please contact Geoff Noon if you would like these tables.