UK manufacturing had its largest, a 1.4% drop in output in April. The fall was caused by a sharp slowdown in demand for British goods. Are you a merchant interested in payment processor SecureTrading? How can you get the best merchant services for your company? Read this article and you’ll know.
Largest Monthly Fall of UK Manufacturing Output
Britain’s factories had an unexpected fall in output for over 5 years in April. In fact, this was the largest drop and was caused by falling demand for steel and electrical machinery.
In fact, the overall industrial output includes manufacturing, utilities, and mining. So, it dropped by 0.8% as compared with March. Exports of goods and services both saw a decline. However, exports of machinery, aircraft, and pharmaceuticals had a particular dip.
Such dramatic fall resulted in concerns about the strength of the economy. The numbers were released after the National Institute of Economic and Social Research represented its forecast. The latter showed a rise in GDP of 0.2% during the three months’ period till the end of May. By the way, this was up from 0.1% in the three months to the end of April.
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According to the Office of National Statistics (ONS), basic metals and products, as well as other manufacturing and repair fell by 0.5% points and 0.3% points respectively. The UK trade deficit grew by £2.1bn to account for £5.3bn in April. By the way, this was the greatest monthly deficit since September 2016.
With all this in mind, it’s critical for merchants to find a reputable merchant services provider to work with. How can you find one? This can be of no challenge if you turn to a respectable payments expert in the UK that provides the best …Read more