The broadcaster, 53, said it was "a great relief that the British economy is at last showing signs of recovery".
However, he added: "It may be of some concern the recovery is largely based on revived consumption and shopping, not on sales of goods and services to the rest of the world, or investment in important productive capacity.
"If we want to enjoy renewed prosperity that lasts we need more than thriving retailers: we need to become a nation that makes more of the stuff that goes into our shops, and those of Brazil, Russia and China."
He lamented the fact that Britain's boom years, from 1992 to 2008, were "powered by debt-fuelled consumption and shopping".
Peston, who is presenting a new BBC2 show, Peston Goes Shopping, said: "We merrily bought all the cheap stuff made by China's low-cost factories and watched blithely as our manufacturers closed down.
"By 2008, British people were more indebted, as a share of national income, than the citizens of any other big developed economy, and economic growth had become more reliant than most economies on consumer spending."