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Home Business and Economics Economics

Car manufacturing sees biggest drop since records began

Car manufacturing slumped by a massive 24 per cent in April as summer shutdowns were brought forward. New figures revealed the biggest drop in car manufacturing since records began as factory shutdowns took their toll on the industry. Several brought forward or extended shutdowns that normally take place in the summer, said the Society of […]

Jack Peat by Jack Peat
2019-06-10 10:22
in Economics, News
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Car manufacturing slumped by a massive 24 per cent in April as summer shutdowns were brought forward.

New figures revealed the biggest drop in car manufacturing since records began as factory shutdowns took their toll on the industry.

Several brought forward or extended shutdowns that normally take place in the summer, said the Society of Motor Manufacturers and Traders (SMMT).

Fewer than 71,000 cars were produced in April, a fall of 57,000 from the same month in 2018, according to figures from the trade body.

The figures came on the back of a number of concerning economic indicators.

UK manufacturing output fell the most in almost 17 years in April.

The 3.9 per cent decline, the most since June 2002, saw the economy as a whole shrink for a second straight month, Office for National Statistics figures published today show.

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Gross domestic product fell 0.4 per cent, the biggest monthly drop since March 2016, leaving the economy at risk of a sharp slowdown this quarter.

The pound dropped after the figures were published, and was 0.4% lower at $1.2688 as of 9:36 am.

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