World Industrial Output Up 5.5% Despite Crisis

Dec. 2, 2011
Production increase was helped by 13% output growth in developing countries

Global manufacturing output rose in the third quarter of 2011, despite recession fears and eurozone instability, the UN Industrial Development Organization (UNIDO) said in a new report on Dec. 1.

World industrial production increased by 5.5% from the same period last year, mostly helped by 13% output growth in developing countries.

China by itself made up nearly half of the developing world's total output and scored a hike in production of 14.5% from the third quarter of 2010.

In contrast, developed countries only increased production by 3.3% with growth in the United States at 4.1% and in Europe's industrialized countries at 4.5%, the report said.

"If the current trend prevails, it would be fair to make an optimistic projection that world industrial production is likely to stabilize in 2012," it said.

"During the first months of 2011, the level of world manufacturing output reached the pre-crisis manufacturing level and there are clear indications that the yearly growth is also returning to pre-crisis levels."

"Manufacturing growth has mostly been higher than GDP growth and this also applies to European countries," it added.

Despite instability in the eurozone resulting from the region's debt crisis, output grew by 9.6% in Germany and 7.2% in Russia, with other strong performances in Austria, Sweden, Poland, Romania and Czech Republic.

This counteracted drops in production on Europe's crisis-hit southern rim, in Greece, Portugal and Spain.

Among developing countries, major players performed moderately, UNIDO noted, with Mexico registering 4.6% growth, Argentina at 3.8% and India at 3.1%, while Brazil saw production barely increase by 0.1%.

Copyright Agence France-Presse, 2011

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