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The True Impact of UK Manufacturing report
Read time: 3 mins Added date: 15/04/2024
In partnership with Oxford Economics and The Manufacturing Technologies Association (MTA)
This new report (PDF, 2.9 MB) evaluates the contribution the sector is making to the UK economy and demonstrates that manufacturing matters.
Key report findings
- The total impact of manufacturing on UK GDP was £518bn, which equates to 23.1% of total GDP.
- Manufacturing supports 7.3m jobs directly and across the supply chain and communities it operates in, this equates to 22.4% of the UK’s total. The UK has an opportunity to increase this further with investment in sustainable manufacturing, new technologies and bridging the skills gap.
- 47% of business R&D investment was made by manufacturers.
- The median manufacturing wage of £31,300 is 11% higher than the UK median wage.
- The average manufacturing GVA per job was £75,000, 33% higher than the average GVA per job for the whole economy.
- Manufacturing accounts for 15% of business investment, much larger than its direct share of GDP at 8.2%.
- Manufacturing accounts for 34.5% of all UK goods and services exports.
Supporting manufacturing
Since 2015, we’ve worked in partnership with the Manufacturing Technology Centre (MTC), to develop the skills, research and technological innovations the sector has needed to compete on a global scale.