KPMG survey reveals rise in manufacturing sentiment
The latest KPMG Business Outlook Survey has revealed a slight rise in confidence among manufacturing firms across the European Union (EU).
The survey, conducted among more than 3,700 manufacturing firms across the EU, showed the net balance for activity rose to 28 from a record low of minus 10.2 in January, with EU manufacturers overall expecting production to return to growth by the middle of 2010.
The survey also suggested that confidence in Italy and the UK was the highest among EU nations, scoring 48.9 and 53.8 respectively.
Meanwhile, another survey on Brazil, Russia, India and China recorded a level of 46.5, soaring from the 3.6 recorded in January.
Furthermore, while Indian firms are much less pessimistic than their counterparts, confidence has still shown an improvement from January’s low level.
The only two countries recording a score below zero was Czech Republic and Greece.
Commenting on the figures, Alan Buckle at KPMG, said: “There is plenty of reassurance to be taken from such a return to optimism amongst manufacturers in Europe’s industrial heartlands.”
“However, before getting too carried away with talk of recovery, let us not forget that we are still firmly rooted near the bottom of the economic cycle“, cautioned Mr Buckle.