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Impact of COVID-19 on UK Economy Market Industry Analysis, Trends, Growth, Size and Forecast 2025

03-26-2020 02:03 PM CET | Health & Medicine

Press release from: Orion Market Research

Global Impact of COVID-19 on UK Economy Market

Global Impact of COVID-19 on UK Economy Market

UK is a highly volatile economy in terms of uncertainty in investment and production output due to Brexit's impact. However, the country has a significant value in the export of goods and services. The country has shown a significant rise in manufacturing operations, including food & beverage, machinery and equipment, and chemicals. Since the 2008 recession, the recovery of the manufacturing industry significantly relies primarily on four industries, such as the production of food, repair of machinery, motor vehicles, and other transport equipment.

Get Sample Copy of Impact of COVID-19 on UK Economy Market at: https://www.omrglobal.com/request-sample/impact-of-covid-19-on-uk-economy

Key companies operating in UK whose business operations are significantly affected due to COVID-19 include Associated British Foods plc, British Airways plc, Tesco PLC, Rolls-Royce Holdings plc, and Dyson Ltd.

As per the Office for National Statistics (ONS), the total value of product sales by UK manufacturers was $500 billion in 2018, an increase of 0.8% from 2017. The production of food products division is constantly making a significant contribution, led nearly $91 billion to total UK manufacturers' product sales in 2018. In addition, the production of machinery and equipment increased by 1.8% and reached nearly $36 billion in 2018. This has led to increased sales from the production of machinery for construction, mining, and quarrying industry. The global demand for machinery and equipment by UK manufacturers continued to increase, which is primarily contributing to drive the UK manufacturing sector.

A full report of Global Impact of COVID-19 on UK Economy Market is available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-uk-economy

However, like other countries, UK is facing a major challenge of recession concerning the effect of COVID-19 pandemic. It has affected the whole production capability of the country coupled with a slowdown in global demand, and concerns regarding the availability of raw material. As a result, the manufacturers of machinery and equipment in the country have been temporarily shut down their industrial operations. For instance, in March 2020, Joseph Cyril Bamford Excavators Ltd. (JCB) has suspended manufacturing at all of its UK factories coupled with falling demand for construction equipment. The company's global demand for products has declined sharply as customers were cancelling orders and suspend deliveries. Therefore, it has stopped its UK production facility to re-plan orders and stocks condition, as well as focus on products that are needed by customers.

Verticals Affected Most

o Automobile
o Food & Beverage
o Machinery
o Electrical and Electronics
o Aviation
o BFSI
o Retail
o Healthcare
o Others

For more customized data, request for report customization @ https://www.omrglobal.com/report-customization/impact-of-covid-19-on-uk-economy

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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