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Monday, 17 December 2018 13:00

Britain's goods exports 'collapse' to three-year low

Britain's goods exports 'collapse' to three-year low

Britain’s goods exports have “collapsed” to levels not seen for three years in response to growing Brexit uncertainty and slowdowns in the Chinese and the US economies, according to a quarterly trade monitor, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

Business consultants BDO found that the UK’s goods exports, which have suffered a slowdown in growth since the beginning of 2017, contracted in the last three months of the year to leave them at a level not seen since 2015.

Investment by UK businesses has all but dried up in the last year according to official figures and manufacturing is heading into a recession driven by a sharp fall in car production and sales.

BDO said its findings showed that exporters were being hit by Brexit, “significant” economic turmoil across Europe and the threat of protectionist tariffs that also affected firms on the continent.

On Friday stock markets tumbled following a slew of negative economic data showing the US and China – the world’s number one and number two economies – were slowing while a report by the European Central Bank forecast lower growth across the eurozone next year and in 2020.

The BDO quarterly index for the UK fell 0.7 points to 94.9, below the point of contraction of 95.0.

More details: https://www.theguardian.com/business/2018/dec/17/britains-goods-exports-collapse-to-three-year-low-amid-brexit-unease

Person in charge of the newsline: Olga Nagiyeva 

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