Industrial Production
Industrial production is a measure of the output of industrial establishments and covers sectors such as mining, manufacturing, electricity, gas, and water. It is a key indicator of economic growth and is used to measure the level of economic activity in a country. Industrial production is typically measured by the volume of output, the value of output, or the number of workers employed in the sector.
History of Industrial Production
Industrial production has been used as an economic indicator since the early 19th century. The first official measure of industrial production was created in the United Kingdom in 1841. This measure was based on the number of workers employed in the manufacturing sector. In the United States, the first official measure of industrial production was created in 1919. This measure was based on the value of output in the manufacturing sector.
Since then, industrial production has been used as an important indicator of economic activity. It is used to measure the level of economic activity in a country and to assess the performance of the industrial sector. It is also used to compare the performance of different countries and to assess the impact of economic policies on industrial production.
Table of Comparisons
| Country | Industrial Production (2019) |
|---|---|
| United States | 2.2% |
| China | 5.4% |
| Japan | 1.2% |
| Germany | 1.7% |
| United Kingdom | 1.1% |
Summary
Industrial production is an important indicator of economic activity and is used to measure the level of economic activity in a country. It is typically measured by the volume of output, the value of output, or the number of workers employed in the sector. It has been used as an economic indicator since the early 19th century and is used to compare the performance of different countries and to assess the impact of economic policies on industrial production.
For more information about industrial production, visit the websites of the World Bank, the International Monetary Fund, and the United Nations Industrial Development Organization.
See Also
- Gross Domestic Product (GDP)
- Manufacturing Output
- Employment Rate
- Consumer Price Index (CPI)
- Retail Sales
- Construction Output
- Balance of Trade
- Inflation Rate
- Exchange Rate
- Interest Rate
