Drop In Output Signals Slowdown In European Demand is Accelerating

Auto production in the UK fell 7.5% year-on-year (y-o-y) in July, according to the Society of Motor Manufacturers and Traders (SMMT), marking the first monthly fall since October last year and indicating that the slowdown in European demand is gaining pace. BMI points out that an 8.7% y-o-y fall in export demand was more than enough to trigger the fall in output, given that nearly two-thirds of the UK's auto production is export-oriented.

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