BusinessNewsUK

UK economy fell to 300-year low, expected to stable in 2022.

Muqeem Ahmed, UK,

UK statistics reflects businesses are working hard to overcome the loss caused by the pandemic. The past month has seen the largest increase in manufacturing in the UK in 27 years.

Product orders in the BMI index rose in April compared to March, and two-thirds of businesses expect production to improve over a one-year period. However, according to the data, the supply of products is surging for a long time and the prices of raw materials are rising, which sometimes reflects an increase in economic activity.

Last year, the UK economy contracted by 10% and output fell to a 300-year low. According to experts, even if the UK rapid develops this year, the economy will be able to reach the level before Corona in 2022.

Rising shipping costs to product makers are hampered by a shortage of microchips and raw materials used in vehicles and electronics. UK industries are facing business difficulties and stiff competition from members of the EU bloc following UK withdrawal to the EU.

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