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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