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Economy in Brief

IP in Emerging Countries Outpaces that of Western Europe
by Louise Curley June 7, 2004

Industrial production in emerging economies continues to out pace that of the countries of developed Europe. April industrial production data for two emerging countries--Malaysia and Slovakia--and two developed countries of Europe-- Denmark and Norway were released today. In the emerging countries, Slovakia showed a decline of 2.79% from March and Malaysia an increase of 1.74%. Similarly, in the developed countries, there was one up and one down. Denmark showed an increase of 2.88% and Norway a decrease of 4.85%

Since the month to month changes tend to be volatile, a clearer picture of the trends emerges when a three month moving average is used.

In the attached chart, industrial production for Denmark and Malaysia on a three month moving average is shown. Slovakia typifies the trend in the emerging economies, while Denmark typifies the trend in developed Europe. The contrast between the relatively flat trend of industrial production in Denmark and the rising trend in Slovakia is evident.

Industrial Production Apr 04 Mar 04 Apr  03 M/M    % Y/Y  %  2003 % 2002 % 2001 %
Malaysia (1993=100) 228.5 224.6 200.4 1.74 14.02 9.31 4.59 -4.14
Denmark (2000=100) 107 104 103 2.88 3.88 -0.65 1.06 2.08
Norway (1995=100) 105.9 111.3 106.1 -4.85 -0.19 -4.11 1.04 -1.25
Slovakia (2000=100) 125.6 129.2 119.5 -2.79 5.10 6.18 6.49 6.95
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