Thursday, 13 November 2008

Industrial production faltering around the world

Yesterday, Bloomberg reported that industrial output in the euro area declined in September.

European industrial production declined the most in almost seven years in September, capping a third quarter that probably saw the economy enter a recession.

Output in the 15 nations that use the euro fell 2.4 percent from a year earlier, the biggest year-on-year decline since February 2002, the European Union's statistics office in Luxembourg said today. From the previous month, production fell 1.6 percent, led by Germany, the region's biggest economy.

Today, Bloomberg reports that industrial output in China slowed in October.

China's industrial output grew at a slower pace than any economist forecast in October, stoking concern that the biggest contributor to global growth is running out of steam.

Production rose 8.2 percent from a year earlier, the smallest gain in seven years, the statistics bureau said today. None of 18 economists surveyed by Bloomberg News predicted such a small increase. Output grew 11.4 percent in September.

Also today, Japan's September industrial production growth was revised down to 1.1 percent month-on-month by the Ministry of Economy, Trade and Industry from 1.2 percent in the preliminary report.

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