A second-quarter global manufacturing report released recently by the United Nations Industrial Development Organization (UNIDO) shows that global manufacturing is expected to grow 3.2% this year, the highest in the past 6 years, as the global economy recovers steadily and the negative trend in Latin American economies reverses.
According to the data provided by UNIDO, Economic growth is likely to increase in Europe's industrialized economies, with manufacturing expected to grow by 1.6%. The figures show that Austrian manufacturing output will grow by 3.5%, France 2.4%, Germany 2.9%, the Netherlands 3%, Russia 2.8%, and Switzerland 2.4%.
American manufacturing output grew 1.5% in the second quarter, the highest in the past few quarters. Manufacturing output in Japan also achieved a 5.8% increase in the second quarter.
The report shows that developing countries and emerging industrial economies will maintain a high manufacturing growth rate of 5% percent in 2017. China's manufacturing growth will remain high at 6.3%. Kazakhstan's manufacturing output grew by 4.7%, Malaysia 5.9% and Vietnam 11.1%.
The growth trend in Latin American economies has improved. The downward trend in Brazilian manufacturing output has reversed, with positive growth in some countries including Argentina and Chile.
Africa will improve its growth performance in general. Manufacturing in Africa's least developed countries (LDC) is expected to grow by about 4%.
In addition, the UNIDO report also describes the global manufacturing sector growth projections. With the improved investment environment and consumer confidence, major sectors of global manufacturing were showing positive growth in the second quarter.