Eurozone crisis slowing global manufacturing, UN
New York, 02 Mar – (ANA) - Global manufacturing output rose by 4.2 per cent in the fourth quarter of last year compared to the same period in the previous year, the lowest quarterly growth rate for 2011, according to a United Nations report which attributes the slowdown to the financial crisis in Europe. The report by the UN Industrial Development Organization (UNIDO), said the world’s manufacturing output had an impressive start in the first quarter of 2011, indicating a recovery from the financial crisis of 2008-2009. However, the rebound stalled in the second quarter, especially due to the deteriorating financial situation in the euro-zone countries.
The fourth quarter of last year had signs of a slowdown in manufacturing growth in developing countries, where for the first time after the financial crisis, the growth rate was below 10 per cent. The strong performance in manufacturing in the transport and automotive industry in developing and industrialized countries was the main driver of overall growth last year, according to the report. (ANA)
FA/ANA/02 March 2012---------