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:
“As to a thorough eradication of prostitution, nothing can accomplish that save a complete transvaluation of all accepted values—especially the moral ones—coupled with the abolition of industrial slavery.”
—Emma Goldman (1869–1940)
“Every production of an artist should be the expression of an adventure of his soul.”
—W. Somerset Maugham (1874–1965)