UNIDO World Manufacturing Production Report: Solid growth registered in Q2 2024

Global manufacturing output showed signs of a significant acceleration during the second quarter of 2024. Indeed, global output increased by 1 per cent in quarter-over-quarter comparison, following a stalled production in the previous quarter.

Analysing the performance by country groups, industrial economies grew by an impressive 1.0 per cent, further continuing a phase of positive, albeit volatile growth. Similarly, the output of industrializing economies reached a quarter-over-quarter output growth of 1.1 per cent in the second quarter of 2024. Overall, the group of industrializing economies have shown a greater dynamism in recent periods, which might suggest that a gradual convergence process might be on course.

Industries classified as medium-high and high technology (MHT) have outperformed other manufacturing sectors in recent periods, with the exception of the first quarter of the year, when higher-technology industries remained stalled. However, this group returned to its previous dynamism in the second quarter of 2024, recording a significant quarterly output increase of 1.6 per cent, while the output of lower-technology manufacturing industries remained flat.

The full report presents the latest trends in manufacturing production for the second quarter of 2024 at the global level, as well as the performance of different regions, country groups and industries. The analysis is based on quarterly indices of industrial production (IIP) available across the world. The report and a summary of the latest data can be accessed here. The underlying data can be downloaded from the UNIDO Quarterly IIP database.