LONDON: The UK has dropped out of the top ten manufacturing nations in the world, falling behind Russia, The Times reported citing Make U...
LONDON: The UK has dropped out of the top ten manufacturing nations in the world, falling behind Russia, The Times reported citing Make UK that unites the country’s manufacturing companies.
In the recent ranking, which reflects the situation in 2022, the UK fell to 12th place, according to the publication. This is four notches below its position from 2021.
In the new list the UK gave way to Mexico and Russia, which were seventh and eighth, respectively, the article said. In the case of Mexico, increased Chinese investment in Latin America is mentioned as the biggest factor for the growth, while for Russia, defense production was behind the rise.
China topped the rating, followed by the US.
Britain’s manufacturing industry accounted for some €217 bln ($282 bln) worth of output in 2022, while providing 2.6 mln jobs, The Times wrote. However, Make UK noted that the country needs "a long-term industrial strategy." Unlike other industrially developed nations, the kingdom simply lacks one, the organization said.
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