The automobile sector has led to the growth of the EU economy. As per the Society of Motor Manufacturers & Traders (SMMT), the UK automotive industry is a crucial part of the country’s economy that valued over $104 billion turnover and adding nearly $23.7 billion value to the UK economy. The industry accounts for 14.4% of the total country’s export of goods, amounted to nearly $56 billion, and invests nearly $4.8 billion each year in automotive R&D. In 2019, more than 1.3 million cars, 2.5 million engines, and 78,270 commercial vehicles were built in the UK. Some of the major automobile and auto-ancillary companies operating in the country include BMW, Volkswagen, Daimler, PSA, Robert Bosch, Continental, Volvo, JCB and more.
However, due to the COVID-19 pandemic, the automobile companies were forced to shut down manufacturing units, which has disrupted supply chain as well as the growth of the sector. For instance, Jaguar Land Rover Ltd. reduced production due to lower demands. The global automobile companies with their operations in UK, including BMW, Toyota, and Honda declared they have temporarily shut down their UK factories due to the coronavirus pandemic. The OMR report titled “Impact of COVID-19 on UK economy” has provided the pre and post COVID-19 analysis along with industry verticals. Multiple authentic sources are used to properly estimate the effect of the outbreak on UK economy and values are derived accordingly.
Decline in retail sales amid COVID-19 effect
As per the Office for National Statistics (ONS), in March 2020, the monthly volume of retail sales has witnessed a sharp decline by 5.1%; which is the major decline resulted due to cease in trading of several stores due to the UK government guidance amid COVID-19 pandemic. On 23rd March 2020, the country’s government declared guidance and quarantine measures for Great Britain to minimize the COVID-19 epidemic. This results in the temporary suspension of several non-essential store types to limit gatherings and spread of the virus. This has impacted retail sales in March 2020.
OMR Global Recently Published Report on:https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-uk-economy
The Report Covers
- Historical market growth estimation of the UK economy excluding COVID-19 pandemic effect
- Deviations in the UK economy growth rate due to COVID-19 pandemic
Verticals Affected Most
- Automobile
- Food & Beverage
- Machinery
- Electrical and Electronics
- Aviation
- BFSI
- Retail
- Healthcare
- Others
Company Profiles
- Associated British Foods plc
- Aviva plc
- BAE Systems plc
- Bentley Motors Ltd.
- British Airways Plc
- Dyson Ltd.
- J Sainsbury plc
- Joseph Cyril Bamford Excavators Ltd. (JCB)
- Rolls-Royce Holdings plc
- Royal Bank of Scotland Group plc
To Learn More About this Report Request a Free Sample Copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-uk-economy
