UK out of top 10 manufacturing economies, Russia goes up to eighth
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China, the United States, and Japan are the world's three largest manufacturing economies, according to the research.
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MINI cars stand in a row at the MINI plant at Cowley in Oxford, England, on September 11, 2023. (AP)
The UK has slid out of the top ten greatest manufacturing economies, while Russia went up, occupying the eighth place, according to Make UK, a trade association representing British manufacturers.
"The United Kingdom has moved from the 8th to the 12th largest manufacturing country in the world, and manufacturers are investing 38.8 billion [pounds, $49.8 billion] into the UK economy each year," the group stated in its Fact 2024 Report, which examines statistics for 2022.
Concurrently, Russia's industrial capacity increased, propelling it to the eighth rank on the list, according to the research. The UK publication The Times attributed the gain to increasing military output.
China, the United States, and Japan are the world's three largest manufacturing economies, according to the research.
Russia's GDP increases 5% in 5 months despite 'outside' interference
Russian Prime Minister Mikhail Mishustin announced early this month that Russia's GDP has grown 5% in the first five months of this year – higher than expected.
During a meeting on economic issues, he said, "Today we will discuss the current situation in the economy. The dynamics remain high – in May growth accelerated slightly compared to April to 4.5%."
He added, "If we take the statistics for five months, the gross domestic product increased by 5% compared to the same period last year. This is significantly higher than forecasts, despite all attempts from outside to stop us."
Mishustin revealed his belief that the data in the real sector of the economy are also positive as he stated that from January to May, the manufacturing sector grew by nearly 9%, citing machine building as one of the key factors in this area, "which showed double-digit growth rates."
"What is very important is that investment continues to grow, which means that a good foundation is being laid for the future. At the end of the first quarter, they [investments - TASS] increased by almost 15%, mainly due to machinery, equipment, investments in intellectual property," the PM noted.
In an interview for the Romanian broadcaster M1 on Saturday, Hungarian Prime Minister Viktor Orban on Saturday dismissed allegations that Russia is an autocracy, adding that the country has adapted to Western sanctions and shown economic and social resilience.
"Russia has learned lessons since 2014 and not only learned them but also turned them into actions. They carried out the necessary development of the IT and banking sector, so the Russian financial system did not break down. They have developed the ability to adapt," Orban said.
The official noted that, despite losing the ability to import agricultural products from the West due to sanctions, Russia has become the largest exporter of food products within a few years.
