| dc.description.abstract | In December 1991 industrial output in the European Com-munity (EUR12) showed no sign of recovery; on the contrary, it stagnated even in Germany, which as the largest Member State accounts for 28 % of EC output. The December produc-tion index for EUR12, adjusted for the nu~ber of working days, is currently estimated at 112.0 (1985 = 100). This repre-sents a rate of increase of -1.1 % compared with December 1990. After seasonal adjustment, the estimated index stood at 112.9 in December 1991, as against 114.8 in the previous month. Compared with the cumulative figure for the third quarter, seasonally adjusted EC output rose by only 0.2 % (investment goods industry -1.1 %) in the fourth quarter of 1991. The corresponding rates of increase (where available) for the individual Member States were as follows: Nether-lands 3.6 %, Ireland 2.2 % (estimated), France 0.7 %, Italy 0.4 %, Luxembourg -0.1 % (estimated), United Kingdom -0.2 %, Germany-LO%, Denmark-3.3 %. Industrial output thus continues to stagnate. In the USA industrial output is still stagnating at -0.1 % (rate of increase for the fourth quarter compared with the third); in Japan it fell by 0.6 %. Industrial producer prices in the European Community are rising at present (December 1991) at an annual rate of only 2.1 %, which is lower than in the same period of the previous year. Any effects of the recent Middle East war have thus abated in the meantime. The annual rate of increase (1991 compared with 1990) in industrial output (NACE 1-4) for the individual Mem-ber States and the EC as a whole is currently as follows: EUR12: -0.3 %, Ireland +3.8 %, Netherlands +3.7 %, Ger-many. +2.8 %, Denmark +2.0 %, Luxembourg +0.4 %, Spain -0.2 %, France -0.7 %, Italy -2.1 %, United King-dom -2.9 %. The differing rates of increase in output in 1991 in various branches of industry for the four largest Member States show Manuscript completed on = 13.01.1992 an interesting picture: It is clear that in some cases the trends differed considerably in the individual countries: for example, the timber processing industry boomed in Ger-many, whereas output fell sharply in the United Kingdom. The same applies to the paper industry. On the other hand, the chemical industry stagnated in all four Member States, while the plastics and rubber industry in Germany and France showed rather positive growth rates. There were definite signs of a downturn in the metal products and mech-anical engineering sectors in Italy and the United Kingdom. On the other hand, the electrical engineering and car indus-tries showed a downturn or stagnation in all four Member States, as did the textile and footwear industries. The United Kingdom in particular showed clear signs of recession in the clothing industry in 1991. |
