
RCM Advisory
August 2023Economic news | Car Manufacturing boosts UK GDP
Business Diary.

ONS Releases latest GDP publication reporting estimated 0.5% growth in June and 0.2% for the quarter April-June 2023
11/Aug/2023Today's report indicated that GDP is estimated to have grown by 0.5% in June 2023 which follows a fall of 0.1% in May and growth of 0.2% in April. May's fall has been attributed to the fact that there was one fewer working day in that month due to an additional bank holiday due to the coronation of King Charles III.
The production (Manufacturing) sector was the main contributor to growth in June with output increasing by 1.8%. The motor manufacturing industry was singled out as the main driving force with production up 16.2% up on the same month last year.
The construction sector grew by 1.6% and the services sector was only up 0.2% as this sector continues to struggle due to there being less disposable income in people's pockets.

Car Manufacturing:
The ONS highlighted the car manufacturing industry's contribution to May's statistics with over 450,000 cars built in the UK in 2023 so far.
Car exports up 13.6% this year with over 350,000 vehicle shipped worldwide (some 80.0% of total production)
