24 November 2003, 14:11  UK manufacturing sector improves in Nov

LONDON, Nov 24 - Britain's long-suffering manufacturing sector showed some improvement in November, the Confederation of British Industry said on Monday. The CBI's monthly industrial trends survey total order books balance rose to -24 in November compared with -40 in October and -33 in September. Export orders also continued to decline but at the weakest pace since June 2002. The balance of minus 27 percent compares with minus 37 in October. "Manufacturers' order books are now a little fuller than earlier in the year, justifying the improvement in sentiment picked up in the October survey," said Douglas Godden, CBI head of economic analysis. "The firmer global recovery is finally beginning to bolster export orders. But conditions facing the manufacturing sector are still tough and are likely to remain so for a good while to come." The CBI also revised up its growth forecast to 2.0 percent for 2003 from 1.8 percent previously. Growth for 2004 has been revised upwards by 0.4 percentage points to 2.8 percent with 2.7 percent forecast for 2005. It also forecast that interest rates will go up by one percentage point over the next year from 3.75 percent now, reaching 5.0 percent by 2005.//

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