FXStreet (Mumbai) - UK Markit PMI survey of business activity in the manufacturing sector is slated to be released today. November’s manufacturing PMI had come in at 52.7. The gauge is being expected to move up slightly to 52.8/52.9 in December. The total orders balance is believed to have moved up to -7% from a negative 11% in November. The Confederation of British Industries (CBI) is of the opinion that the improvement in the sector can be attributed to pick up in export orders last month. The CBI has however warned that the sector is expected to suffer slight contraction in the next three months. The surveys conducted for October and November had showed that factory activities were being impacted by stronger pound and volatile markets as they were weakening exports. The Bank of England (BoE) survey is not very upbeat about the business conditions in December. The survey states "manufacturing output growth had slowed, reflecting weak demand in export supply chains due to sterling’s appreciation and sluggish global demand growth." The ONS revised down GDP growth in Q3 to 0.4% on weaker new data for the business services and finance sector. Markit estimates GDP growth to pick up pace to 0.6% in the final quarter. The central bank in its December MPC minutes mentioned "indicators of activity in Q4 had suggested that growth would be maintained at a pace similar to that in Q3." For more information, read our latest forex news.