Published by Mark Smith-HalvorsenUK manufacturing grew for a fourth consecutive month in August, taking annual growth to its highest level in 16 years, according to the latest figures from the Office for National Statistics (ONS).Growth was expected to be in the region of 0.2 per cent for the month and 5.8 per cent for the year, but the ONS record a 0.3 expansion, taking growth for the year to six per cent.Output is now at the levels seen in November 2008 and analysts are anticipating the sector will soon be producing at pre-crisis levels.However, data from the Chartered Institute for Personnel and Development has pointed to recent data which suggests growth may slow over the months to come.The UK manufacturing sector has benefited from a weaker pound in recent months as international payment receipts rolled in from foreign companies looking to capitalise on exchange rates.After a drop-off at the end of September, the pound has rallied in global forex trading so far this month and was today (October 7th) trading at $1.5917 against the dollar, as of 10:15 GMT.For more information on international payments, visit our Smart FX site