UNIDO highlights slowdown in automotive production
11/12/2019
World Manufacturing Production, Statistics for Quarter III, 2019 shows a continued slowdown of global manufacturing growth throughout 2019, amid rising tensions over international trade among the major economies.
The rate of global manufacturing output growth is reported to have dropped to 1.2% in the third quarter of the year, alongside a fall of 0.7% in manufacturing for industrialised countries compared to the same quarter of last year, with automobiles being one of the sectors mainly affected.
In Europe, manufacturing growth was much lower in Eurozone economies compared to other European Union (EU) countries.
Among Asian industrialised economies, manufacturing output dropped in Japan, the Republic of Korea and Singapore; although China maintained a relatively high growth at 5.1%, it is still the lowest growth for several years.
The manufacturing of India fell to negative growth for the first time this century. Latin America also experienced negative growth and the growth rate of Mexico and Colombia was less than 1%.
The overall growth rate for the continent of Africa was 0.6%, the lowest since the fourth quarter of 2017, with the manufacturing output of the Republic of South Africa declining by 1.8%.
Among non-EU economies, manufacturing output rose by 3.7% in Belarus, 2.9% in Norway and 2.4% in the Russian Federation.
The global slowdown of manufacturing output poses a challenge to achieving Sustainable Development Goal 9 on industrialisation, especially for least developed countries (LDCs). This goal aims to double the share on industry in GDP of LDCs by 2030.
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