Industrial production measures the output of the industrial sector, which typically comprises mining, manufacturing, utilities and, in some cases, construction. The industrial production indicator is generally provided as an index in volume terms. Annual variation in industrial production as a percentage thus reflects the change in the volume of industrial output as compared to the previous year.
Annual variation in industrial production provides insight into the state of the economic cycle as the production of consumer durables and capital goods is likely to decrease during an economic downturn. Despite the fact that the industrial sector only accounts for a portion of an economy’s total output, it is a leading indicator of Gross Domestic Product (GDP) growth and economic performance due to its sensitivity to consumer demand and interest rates.
This chart displays Industrial Production (ann. var. %) for Major Economies, Euro Area, South Asia, Latin America, Middle East & North Africa from 2010 to 2023.
Industrial Production (annual variation in %) Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Albania | 5.5 | -10.0 | 22.5 | 7.2 | -11.4 |
| Algeria | 2.7 | -7.9 | 4.8 | 2.4 | 4.4 |
| Angola | -3.5 | -10.5 | 2.5 | 2.6 | -2.0 |
| Argentina | -6.3 | -7.5 | 15.7 | 4.2 | -1.8 |
| Armenia | 9.0 | -0.9 | 3.3 | 7.9 | 6.4 |
| Australia | 2.6 | -1.0 | -0.2 | -0.6 | 0.6 |
| Austria | 1.5 | -5.3 | 9.1 | 5.1 | 0.2 |
| Azerbaijan | 1.8 | -5.0 | 5.2 | -1.1 | -1.1 |
| Bangladesh | - | - | - | - | 9.9 |
| Belarus | 1.0 | -0.7 | 6.5 | -5.4 | 7.7 |
| Belgium | 5.2 | -4.1 | 25.5 | -0.5 | -7.3 |
| Bosnia-Herz. | -5.5 | -6.5 | 9.7 | 1.0 | -3.8 |
| Botswana | -3.9 | -28.1 | 37.0 | 14.9 | 4.4 |
| Brazil | -1.1 | -4.6 | 4.2 | -0.7 | 0.2 |
| Brunei | 4.2 | 2.9 | -4.2 | -4.9 | -1.4 |
| Bulgaria | 0.5 | -5.9 | 9.8 | 12.7 | -8.4 |
| Cambodia | 11.3 | -1.4 | 9.4 | 8.9 | 4.3 |
| Cameroon | -1.9 | 2.4 | 14.4 | -2.9 | 0.8 |
| Canada | 0.1 | -7.5 | 5.0 | 3.9 | -0.7 |
| CdI | 13.2 | 6.3 | 4.7 | -0.8 | 4.2 |
| Chile | -0.4 | -0.9 | 2.3 | -2.9 | -0.3 |
| China | 5.7 | 2.8 | 9.6 | 3.6 | 4.6 |
| Costa Rica | -2.9 | -1.6 | 11.5 | 1.6 | - |
| Croatia | 0.5 | -3.3 | 6.3 | 1.7 | -0.1 |
| Cyprus | 4.4 | -7.3 | 6.4 | 3.2 | 1.4 |
| Czech Republic | -0.5 | -7.0 | 6.4 | 2.1 | -0.8 |
| Denmark | 2.7 | -5.3 | 9.9 | 12.4 | 8.9 |
| Dominican Republic | 8.8 | 1.7 | 8.6 | -2.1 | 4.1 |
| DR Congo | 4.1 | 4.2 | 7.8 | 15.7 | 14.6 |
| Ecuador | 13.5 | - | - | - | - |
| Egypt | 1.7 | -10.1 | 9.3 | 6.9 | 0.9 |
| El Salvador | 3.0 | -9.5 | 10.6 | 0.6 | -0.2 |
| Estonia | 6.9 | -3.0 | 13.3 | 1.8 | -12.3 |
| Euro Area | -0.9 | -7.8 | 8.8 | 2.2 | -2.2 |
| Finland | 1.6 | -3.2 | 4.2 | 3.8 | -2.1 |
| France | 0.5 | -10.8 | 5.3 | 0.1 | 0.7 |
| Germany | -2.3 | -7.7 | 3.6 | -0.6 | -1.7 |
| Ghana | 6.4 | -2.5 | -0.5 | 0.6 | -1.2 |
| Greece | -0.7 | -2.0 | 10.1 | 2.4 | 2.3 |
| Guatemala | 3.9 | -1.2 | - | - | - |
| Honduras | 1.9 | -15.3 | 21.3 | - | - |
| Hong Kong | 0.4 | -5.9 | 5.5 | 0.2 | 3.8 |
| Hungary | 5.3 | -6.8 | 9.4 | 5.6 | -4.7 |
| India | -0.8 | -8.5 | 11.4 | 5.3 | 5.9 |
| Indonesia | 4.0 | -10.1 | 7.5 | 4.0 | 2.4 |
| Iran | -5.0 | 11.3 | 1.7 | -3.7 | 5.8 |
| Ireland | 6.4 | 15.7 | 28.2 | 17.4 | -6.4 |
| Israel | 2.9 | 6.3 | 5.9 | 14.9 | 1.3 |
| Italy | -1.2 | -11.0 | 11.7 | 0.4 | -2.1 |
| Japan | -2.7 | -10.4 | 5.4 | -0.2 | -1.3 |
| Jordan | -0.6 | -12.4 | 13.0 | 2.7 | -2.4 |
| Kazakhstan | 1.9 | 1.3 | -1.6 | 1.1 | 4.4 |
| Korea | -0.1 | -0.1 | 8.4 | 0.9 | -2.5 |
| Kuwait | -0.1 | -5.4 | 3.2 | 7.9 | -5.4 |
| Kyrgyzstan | 9.3 | -5.5 | 13.2 | 12.4 | - |
| Laos | 5.6 | 9.2 | 6.1 | 4.4 | 3.1 |
| Latvia | 0.8 | -1.8 | 6.6 | 0.8 | -5.2 |
| Lithuania | 3.6 | 0.2 | 20.4 | 9.8 | -6.2 |
| Luxembourg | -3.2 | -10.8 | 8.3 | -3.6 | -4.2 |
| Malaysia | 2.4 | -4.1 | 7.4 | 6.9 | 0.7 |
| Malta | 2.8 | 1.3 | -0.9 | 1.5 | 7.3 |
| Mexico | -1.7 | -8.8 | 6.4 | 4.8 | 3.4 |
| Moldova | 2.3 | -5.6 | 13.3 | -4.1 | -3.8 |
| Mongolia | 3.1 | -4.4 | -2.2 | -4.5 | 12.6 |
| Montenegro | -6.2 | -0.9 | 5.7 | -1.8 | 7.2 |
| Morocco | 2.3 | -6.3 | 6.7 | 0.8 | 2.0 |
| Mozambique | 56.5 | -31.6 | 10.1 | 8.8 | - |
| Netherlands | -1.5 | -3.1 | 3.6 | 3.7 | -1.0 |
| New Zealand | 1.5 | -3.8 | 3.6 | -3.5 | -3.6 |
| Nigeria | 2.3 | -5.8 | -0.5 | -4.7 | 5.7 |
| North Macedonia | 3.7 | -9.6 | 1.5 | -0.2 | 0.6 |
| Norway | -4.1 | 6.2 | 2.5 | -0.4 | 0.0 |
| Oman | -2.3 | 0.0 | 1.2 | 8.0 | -0.2 |
| Pakistan | 0.2 | -5.7 | 8.2 | 7.0 | -3.7 |
| Panama | 1.4 | -34.7 | 29.6 | 12.7 | - |
| Paraguay | 0.2 | -0.3 | 4.6 | - | - |
| Poland | 4.3 | -1.0 | 15.3 | 10.6 | -2.1 |
| Portugal | -2.5 | -7.8 | 3.6 | 0.7 | -3.1 |
| Qatar | 0.1 | -3.3 | -0.1 | 3.6 | 1.8 |
| Romania | -2.6 | -9.2 | 6.5 | 0.9 | -2.5 |
| Russia | 3.4 | -2.1 | 6.3 | 0.9 | 4.1 |
| Rwanda | 10.5 | -5.7 | 15.7 | 11.0 | 2.9 |
| Senegal | 5.4 | -3.7 | 11.7 | 5.0 | 3.0 |
| Serbia | 0.2 | 0.4 | 6.1 | 1.6 | 2.4 |
| Singapore | -1.6 | 7.5 | 13.5 | 2.8 | -4.3 |
| Slovakia | -6.2 | -9.0 | 10.8 | -4.4 | 4.2 |
| Slovenia | 2.8 | -6.5 | 10.0 | 2.0 | -4.9 |
| South Africa | -1.2 | -12.4 | 6.2 | -0.3 | 0.5 |
| Spain | 0.4 | -9.5 | 8.1 | 2.0 | -1.4 |
| Sri Lanka | 1.3 | -10.2 | 7.3 | -12.1 | -3.8 |
| Sweden | 2.3 | -4.6 | 6.5 | 2.2 | 0.5 |
| Switzerland | 4.0 | -3.9 | 8.4 | 6.1 | 0.9 |
| Taiwan | 1.0 | 8.8 | 14.7 | -1.7 | -12.5 |
| Tajikistan | 13.2 | 8.8 | 20.8 | 9.7 | - |
| Thailand | -0.1 | -5.8 | 3.8 | 0.1 | -2.4 |
| Tunisia | -3.3 | -5.5 | 10.5 | 2.3 | -2.1 |
| Turkey | -0.7 | 1.7 | 17.8 | 4.4 | 1.9 |
| UAE | 27.7 | -3.7 | 4.2 | 2.8 | 3.2 |
| Ukraine | -0.5 | -4.5 | 1.9 | -36.7 | 6.8 |
| United Kingdom | 1.7 | 2.9 | -0.7 | -6.4 | -1.2 |
| United States | -0.7 | -7.1 | 4.4 | 3.4 | 0.2 |
| Uzbekistan | 6.9 | -0.7 | 6.8 | 5.9 | 3.5 |
| Vietnam | 6.9 | 2.4 | 2.1 | 15.5 | -11.3 |
| Zimbabwe | -8.6 | -8.2 | 6.4 | 5.5 | - |