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United Kingdom’s economy continues its downward trend

The economy of the United Kingdom has been continuing its struggle as per a survey done of the business activity.

On Monday CIPS and HIS Markit had published their flash estimates of the economic growth in United Kingdom in the month of December. This data had pointed to a growth low of 41 months and had been sparked by manufacturing output’s fastest downturn since the year 2012.

The pound had seen a dip against both dollar and euro after this data had been published.

The purchasing manager’s index for United Kingdom or PMI which is a reflection of all the output through the private sector had come to be 48.5.

The PMI is a survey of the views of the private sector on the economic activity and they register it on a measuring scale of 1-100 where anything that is more than 50 gives a signal of growth while anything that is less than 50 gives a signal of contraction.

IHS Markit in their release said that the contraction in the economy has taken place thrice in the last four months.

The recent decline has been the second-largest decline that has been recorded in the previous decade and it has increased the chances that there was a slight contraction in the last quarter as the uncertainty related to Brexit had intensified in the lead up to the general elections.

This downturn has been led by the decline sharply in the sector of manufacturing. The PMI for December in the manufacturing sector had been registered to be at 47.4 which was much below the estimates that were expecting it to be at 49.3. This level of output is the lowest it has been since the year 2012.

David Stillwell Subscriber
Contributing Author At Chemical News Reports 24

In this fast-paced and ever-changing world, technology has been on everybody’s mind. Technology has given so much to this world and that what got David to pursue a Bachelor’s in Information Science and Technology. And after trying hands-on writing gadgets and product reviews, David dedicated his entire focus in the field of writing and it has been 5 years. Even now, he keeps on learning new things, “self-improvisation” being his key motto. David has been given the responsibility to manage the entire Technology domain of the chemicalnewsreports24.com news portal. He also plays an important role in training the newbies.

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