Newly released figures show celebrations marking the British Queen’s 60th year on the throne have left a negative impact on the UK’s manufacturing output.
Official figures released by Britain’s Office for National Statistics (ONS) have shown that the country’s manufacturing output saw a sharp decline in June as the British Queen’s Diamond Jubilee added extra bank holidays.
ONS figures showed Britain saw a 4.3 percent drop in manufacturing output compared to June last year, the sharpest month-on-month fall in UK manufacturing since November 2008, reported Sky News.
Referring to celebrations marking the 60th anniversary of the British Queen’s reign, Peter Dixon, economist from Commerzbank, said: “But then you do have that working day effect which will cost a lot - That explains why we have such a sharp jump down.”
After two consecutive quarters of economic contraction during the last three months of 2011 and the first quarter of 2012, the British economy is now in a double-dip recession.
Moreover, Britain’s economy shrank 0.7 percent in the second quarter of 2012. Meanwhile, economic experts in the UK have warned that any post-Olympic boost will be short-lived and Britain faces a triple-dip recession.