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.