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Industrial Production Around the World - 7/31/14

Industrial production around the world plunged after the onset of the Great Recession and in most advance nations has yet to fully recovery.  The U.S. is an exception.  Overall industrial production, which includes the output of the nation’s mines, factories and power plants has more than recovered, though largely because of increased oil and gas production.  Overall manufacturing output remains a bit below pre-recession levels. 

Last week, the federal government reported that industrial production rose 0.2 percent in June on a monthly basis and is up 4.3 percent from a year earlier.  According to writer Floyd Norris, that represents a faster rate than in any other major advanced economy.  For the most part, it is the developing world where one observes industrial production growth. 

The government of the Netherlands compiles industrial production reports from 27 advanced economies and 54 developing economies around the world and computes international averages.  These computations indicate that on average in advanced economies, industrial production is still nearly 5 percent below where it had been at the end of 2007.  It’s up by more than 60 percent in developing economies led not surprisingly by growth in China.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.