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 reviews on providers to help you get an exceptional deal for your business.
A true specialist in the field will offer free consultations, reviews of contracts, rates, and fees so that you can get the right merchant services tailored to your specific business needs. Only, a reputable payment processor or business funding provider is able to provide the best services and funding solutions geared to your own business wants and needs.
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According to some analysts in the field, business optimism is still net positive in the UK. However, it hit a 7-month low as there were firms expressing concerns about input price growth, possible trade tariffs, the exchange rate, and uncertainty around Brexit.
The concerns about exchange rates were really interesting. Beyond that, they were likely to be associated with concerns about rising input costs given the fall in GBP the past few months.
On the whole, the analysts further note that nothing can suggest that there’ll be a pick-up in manufacturing activity in the near future. They also think there’s no hint that the industry will have the previous year’s strong growth rates.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including Secure Trading, has helped thousands of business owners save money and time.