Manufacturing in the UK Fell to Record Low
Published: July 24, 2020
As per the data released by the Confederation of British Industry, the manufacturing activities in the UK have seen a significant slump in the last three months due to significant impact caused by the coronavirus pandemic across the globe. The data from the quarterly industrial trends survey has shown that output dropped in 14 out of 17 sub-sectors of industry and it is mainly led by motor vehicles and transport, food, drink and tobacco and mechanical engineering.
The data is in line with a survey conducted on 356 manufacturing firms in the country that reported total new orders falling at the highest pace since October 1980. However, it is also stated that the manufacturers are hopeful that the output will grow from the next month onwards for the first time since February.
The reason cited is that the total new orders and domestic orders are expected to pick up in the next three months while exports orders will also see a moderate pace of reduction in the coming months.
The government is also trying to support the sector but the companies are mainly concerned about the future of the economy especially after complete Brexit and also their investment capacity in new projects amid this pandemic.
Month: Current Affairs - July, 2020
Category: International Current Affairs