Rapid Report. Energy and industry. Extract from "Industrial Trends - November 1992" Recession deepens.

Abstract

The latest figures on industrial production in the European Community (EUR 12) in August 1992 reveal a worsening of the recession. There was a noticeable decline in production of all types of goods. The industrial production index for EUR 12, adjusted for the number of working days, was 83. 7 (1985 = 100) in August 1992, representing a rate of change of -1.8 % compared with August 1991. After seasonal adjustment, the index for August was 112.3; in July it was 114.0. The seasonally adjusted figure for EUR 12 production in the last three months for which figures are available (June, July, August) showed a fall of -1.2 % over the cumulative figure for March, April and May. New orders in EUR 12, which indicate the future trend of production, also confirm the deepening of the recession: the estimated rate of change for May/June was -1.3 %, compared with the same period in 1991, and for July/August it was -3.8 % . The seasonally adjusted figures for indus-trial production in the Member States were as follows (rate of change for the past three months compared with the previous three months): Denmark +2.5 %, United Kingdom +0.1 %, Belgium -0.2 o/o (estim.), France -0.9 %, Spain -1.3 %, Ireland -1.4 % (estim.). Germany (only West) -1.5 %, Greece -1.9 % (estim.), Italy -2.3 % and Netherlands -2.4 %. Production is therefore falling in very many Member States (see the graphic). In the USA, industrial production rose by 0.5 % (rate of change for the past three months compared Manuscript completed on = 13.11.1992 with the previous three months), while in Japan the downturn in industrial production continued at a rate of -1.1 % (estimated). A slight recovery can therefore be detected in the USA, while industrial production in EUR 12 and Japan is falling appreciably. Production Index NACE1-4 Rate ofchange ofthe latest three months cam pared with the previous 3 months The figures for EUR 12 by major product group were as follows: Raw materials: -1.4 %; Capital goods: -2.1 %; Consumer goods: -0.4 %. In the individual industrial sectors, the fall in production at European level was above average in the electrical engineering and electronics sector (including EDP) and in manufacturing of vehicles.