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Economy in Brief

Industrial Production: India, China, South Korea
by Louise Curley January 12, 2009

India is the latest Asian country to report industrial production for November of last year. Contrary to expectations, industrial production in India, rose in November from 261.7 in October to 267.2 (Fiscal year beginning April,1993=100). The year over year increase was 2.4% compared with a decline of 0.3% in October. The slight increase is, however, unlikely to reverse the downward trend that has persisted since November 2006

Among other large manufactures in Asia, China has reported a marked deceleration in the growth of its real gross value added (China's surrogate for industrial production) from 8.2% in October to 5.2% in November. South Korea reported a dramatic year over year decline in industrial production of 14.1% in November after a small decline of 2.3% in October. The year over year percent changes in industrial production for the three countries are shown in the attached chart. Growth in industrial production has been decelerating all through 2008 in the three countries, reflecting the global slowdown..

Industrial Production   Nov 08 Oct 08  Sep 08  2007  2006  2005 
India (FY beginning April 1993=100) 267.2 361.7 274.7 -- -- --
Year to Year % Change (NSA) 2.38 -0.34 5.45 9.92 10.55 7.91
South Korea (2005=100) (NSA) 109.5 125.4 118.2 -- -- --
Year to Year % Change (NSA) -14.12 -2.34 6.10  6.80 8.41  6.34
China -- -- -- -- -- --
Year to Year % Change in GVA (NSA) 5.4 8.2 5.4 17.1 16.2 15.9
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