Global Industrial Production in a Tailspin
February 3, 2009
Few measures depict the breadth and severity of the global recession as well as industrial production. Here is a sampling of especially pronounced declines posted between December 2007 and December 2008: Japan 20.6%, Taiwan 32.3%, the Ukraine 26.6%, Singapore 13.5%, South Korea 18.6%, Brazil 12.4% and Russia 10.8%. The drop in the United States (7.8%) was less than 10%, while China (+5.7%) still recorded on-year growth, albeit down from a 17.4% gain in the previous year to December 2007. Euroland industrial production fell 7.7% in the year to November, but is headed to much larger on-year reductions. Industrial orders in the euro area plunged 26.1% in the year to November. Other 12-month declines booked in November include Turkey (13.9%), the Czech Republic (17.4%), Sweden (11.9%), Britain (6.9%), Canada (5.1%), Colombia (13.3%) and Hungary (12.0%). Industrial production in India increased but by just 2.4% in the year to November.
Copyright 2009 Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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