UK economy: manufacturing growth weakens as European companies steer clear of th

Posted by qianjiu on June 5th, 2019

Industry surveys released on Monday showed that UK manufacturing has weakened in the past two months, as the British retreat crisis has been dragging on for a long time, and many European companies have decided to transfer their supply chains outside the UK.

Manufacturing industry group Make UK and accounting firm BDO said that output and orders continued to grow in the first few months of 2019, albeit at a slower rate.

The UK's economic growth accelerated at the beginning of this year, and factory output hit its biggest increase in 20 years, as companies rushed to accumulate inventory before the original deadline of March 29 to avoid disruption of the supply chain.

But the latest Make UK quarterly survey shows that corporate employment and willingness to invest have weakened.

Make UK expects UK factory output to grow only 0.2% this year and 0.8% in 2020, the weakest among all sectors of the economy.

The Make UK/BDO survey was conducted on May 1-22 and interviewed 344 companies.

The much-watched IHS Markit/CIPS monthly survey will be announced at 0830 GMT. Analysts surveyed by Reuters forecast that the survey will show some slowdown in manufacturing growth in May.

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