Industrial production is a measure of output of the industrial sector of the economy. The industrial sector includes manufacturing, mining, and utilities. Although these sectors contribute only a small portion of GDP (Gross Domestic Product), they are highly sensitive to interest rates and consumer demand. This makes Industrial Production an important tool for forecasting future GDP and economic performance. Industrial Production figures are also used by central banks to measure inflation, as high levels of industrial production can lead to uncontrolled levels of consumption and rapid inflation.
Famous quotes containing the words industrial and/or production:
“... men and women are not yet free.... The slavery of greed endures. Little child workers, the hope of the future, are sacrificed to industry. Young men are sent out by the billion to die for profits.... We must destroy industrial slavery and build industrial democracy.... The people everywhere must come into possession of the earth [second, third, and fourth ellipses in source].”
—Sara Bard Field (1882–1974)
“Perestroika basically is creating material incentives for the individual. Some of the comrades deny that, but I can’t see it any other way. In that sense human nature kinda goes backwards. It’s a step backwards. You have to realize the people weren’t quite ready for a socialist production system.”
—Gus Hall (b. 1910)