The UK’s manufacturing sector has climbed one place to eighth in the world rankings, overtaking France in the process according to analysis of the latest official data published by Make UK.
The analysis by Make UK also shows that manufacturing jobs are better paid than both services and the economy overall. According to official data, the average salary in manufacturing in 2022 was £36,488, which compares to £33,402 for the economy overall and £32,676 for services.
Make UK's report sheds light on several other critical contributions made by this sector to the UK economy:
1. £224 Billion in Gross Value Added (GVA): The manufacturing industry plays a pivotal role in bolstering the nation's economic strength. With a GVA of £224 billion, it not only contributes significantly to the UK's GDP but also drives economic growth and stability.
2. 2.6 Million Jobs: Manufacturing is a powerhouse for employment, providing jobs to 2.6 million people across the UK. These jobs not only offer financial security but also play a crucial role in supporting families and communities.
3. 49% of UK Exports: When it comes to global trade, the manufacturing sector is the engine that drives UK exports. Accounting for a staggering 49% of all UK exports, it strengthens the nation's position in the global market and fosters international trade relationships.
4. 41% of Business Research and Development (R&D): Innovation is at the heart of progress, and the manufacturing sector actively contributes to this by investing in research and development. Making up 41% of all business R&D, it pushes the boundaries of what's possible and drives advancements in technology and products.
5. 16% of UK Business Investment: Investment is a key driver of economic growth, and the manufacturing industry leads the way by contributing 16% of all business investment in the UK. This capital injection supports innovation, expansion, and the creation of new opportunities.
Make UK's report not only showcases the strong global position of the UK's manufacturing sector but also emphasizes its diverse and vital contributions to the country's economic landscape.