Rapid Report. Energy and industry. Extract from "Industrial Trends -April 1992 European Industry without engine for growth.

Abstract

In January 1992 industrial output in the European Community (EUR12) showed no sign of recovery; on the contrary, it stagnated even in Germany. The January production index for EUR12, adjusted for the number of working days, is currently esti-mated at 114.9 (1985 = 100). This represents a rate of increase of -0.7 % compared with January 1991. After seasonal adjustment, the estimated index stood at 114.7 in January 1992, as against 112.9 in the previous month. Compared with the cumula-tive figure for the three preceding months, sea-sonally adjusted EC output rose by only 0.3 % in November, December and January. Manuscript completed on= 15.04.1992 The corresponding rates of increase (where available) for the individual Member States were as follows: Nether-lands 3.7 %, Ireland 1.7 % (estimated), France 0.7 %, Italy 1.3 %, Luxembourg -0.2 % (estimated), United Kingdom -0.7 %, Germany -0.6 %, Denmark -2.9 % (estimated), Greece -3.3 %. Industrial output thus continues to stagnate. In the USA industrial output is still stag-nating at ~o.7 % (rate of increase for No-vember; December and January compared with the three preceding months); in Japan it fell by 0.9 %. Broken down into the main types of goods we get the following picture (growth rate of the last three months in compari-son to the preceding months): • Intermediate goods industry: 0,5 % (USA -0,3 %, Japan -1,3 %) • Investment goods industry: -1,3 % (USA -1,0 %, Japan -1,6 %) • Consumer goods industry: 0,6 % (USA 0,3 %, Japan 0,4 %) The negative evolution especially in the invest-ment goods sector does not leave hopes of a quick recovering from stagnation.