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Global Manufacturing Rose 3.7% in Q1

Global Manufacturing Rose 3.7% in Q1Global Manufacturing Rose 3.7% in Q1

Global manufacturing output rose by 3.7% in the first quarter of 2017, compared to the same period of last year–a rate higher than the average rise observed in 2016, a United Nations Industrial Development Organization report, has said.

The report, which was signed by UNIDO Chief Statistician Shyam Upadhyaya, said global manufacturing gained strength in 2017 and the prospects for sustained industrial growth are improving in industrialized and developing economies, news outlets reported.

According to the report, improved growth figures were observed across all country groups. It said manufacturing output of industrialized economies rose by 1.9% in the first quarter of 2017, compared to the same period of previous year. “Manufacturing output rose in all major industrialized economies with a significant share of global manufacturing output, namely the United States of America, Japan, Germany and the Republic of Korea,” the report said.

It added that among the industrialized regions, Europe’s manufacturing output grew by 1.4% in the first quarter of 2017, and that positive trends were widespread throughout Europe.

“Manufacturing output rose by 3.5% in Netherlands, 2.7% in Belgium, 2.6% in Finland and 1.7% in Austria. Similarly, manufacturing output rose by 6.6% in Poland, 6.7% in Romania and 3.5% in Bulgaria,” the report said.

It, however, stated that the repercussions of lower global energy prices were still present in Norway and the Russian Federation, where manufacturing output was yet to achieve growth.

The report also noted that emerging industrial economies showed much higher growth–6%–during the same period. For instance, Latin American economies showed early signs of recovery, achieving positive growth rates for the first time since a prolonged recession in recent years.

Higher growth rates were achieved by developing economies in Asia, while the manufacturing output of Africa rose by 5.7%.

 

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