FOREX TradingCharts.com

Financial News: UK Car Production Declines Sharply In August: SMMT

UK Car Production Declines Sharply In August: SMMT

09/25/2020 - 01:45:00 (RTTNews)

(RTTNews) - UK car production declined sharply in August as ongoing coronavirus crisis stalled efforts to ramp up output, data from the Society of Motor Manufacturers and Traders, or SMMT, showed Friday.

Output decreased 44.6 percent on a yearly basis in August. Just 51,039 units rolled off factory lines as the decline in demand from overseas markets was compounded by a sharp decrease in output for British buyers.

The SMMT said the performance also reflects an unusually strong August in 2019, when some plants worked through the customary summer maintenance shutdown period, instead pausing in April to mitigate the then possible 'no deal' Brexit on March 31.

Production for domestic market plunged 58.3 percent annually and that for exports were down 41.1 percent.

So far this year UK, car production decreased 40.2 percent, representing a loss of 348,821 units.

"The UK industry is fundamentally strong and agile, and the measures announced yesterday by the Chancellor are welcome and essential, although we await more details of how they will work for all businesses and crucially large manufacturers," Mike Hawes, SMMT chief executive?said.

The lobby observed that crisis of a second wave of coronavirus comes with the prospect of a 'no-deal' Brexit now mere months away and with the UK on course to produce just below 885,000 cars this year, down 34 percent on 2019.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


French Business Confidence Weakens In October (15 min(s), 18 sec(s) ago)
(RTTNews) - French business confidence weakened in October, monthly survey data from the statistic ...Full Story»

Norway Industrial Confidence Turns Positive In Q3 (02 hr(s), 02 min(s), 18 sec(s) ago)
(RTTNews) - Sentiment in the Norwegian industrial sector turned positive in the third quarter amid ...Full Story»

Norway Jobless Rate Unexpectedly Rises In August (02 hr(s), 37 min(s), 18 sec(s) ago)
(RTTNews) - Norway's unemployment rate rose in August after remaining unchanged in the previou ...Full Story»

German Consumer Confidence Set To Fall In October (02 hr(s), 57 min(s), 18 sec(s) ago)
(RTTNews) - German consumer confidence is set to weaken in November, survey data from the market r ...Full Story»

Dutch Consumer Spending Continues To Decline; Sentiment Weakens (04 hr(s), 02 min(s), 18 sec(s) ago)
(RTTNews) - Dutch consumer spending continued to decline in August albeit at a slower pace, data f ...Full Story»

European Economics Preview: German Consumer Confidence Data Due (05 hr(s), 38 min(s), 18 sec(s) ago)
(RTTNews) - Consumer confidence from Germany is due on Thursday, headlining a light day for the Eu ...Full Story»

Thailand Trade Data Due On Thursday (03 min(s), 42 sec(s) ago)
(RTTNews) - Thailand will on Thursday release September numbers for imports, exports and trade bal ...Full Story»

Fed's Beige Book Says Economy Increased At Modest Pace (21 min(s), 42 sec(s) ago)
(RTTNews) - Economic activity continued to increase across all Federal Reserve districts, accordin ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

French Business Confidence Weakens In October

10/22/2020 - 05:41 AM (RTTNews)
(RTTNews) - French business confidence weakened in October, monthly survey data from the statistic ...Full Story>>

Norway Industrial Confidence Turns Positive In Q3

10/22/2020 - 03:54 AM (RTTNews)
(RTTNews) - Sentiment in the Norwegian industrial sector turned positive in the third quarter amid ...Full Story>>

Norway Jobless Rate Unexpectedly Rises In August

10/22/2020 - 03:19 AM (RTTNews)
(RTTNews) - Norway's unemployment rate rose in August after remaining unchanged in the previou ...Full Story>>

German Consumer Confidence Set To Fall In October

10/22/2020 - 02:59 AM (RTTNews)
(RTTNews) - German consumer confidence is set to weaken in November, survey data from the market r ...Full Story>>

Dutch Consumer Spending Continues To Decline; Sentiment Weakens

10/22/2020 - 01:54 AM (RTTNews)
(RTTNews) - Dutch consumer spending continued to decline in August albeit at a slower pace, data f ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.