UNIDO - World Manufacturing Production, Q4 2022

The UNIDO report presents growth rates and estimates of world manufacturing production for the fourth quarter of 2022, based on indices of industrial production (IIP) collected from national data sources. The IIP measures the growth of the volume of industrial production in real terms, independently from price fluctuations. Currently, quarterly IIPs are available for 114 countries, corresponding to 97.7% of global manufacturing value added (MVA), but data gaps are still present in some regions. UNIDO's IIP time series are seasonally adjusted for seasonal and calendar-related effects using the TRAMO/SEATS method. The report implements revision 4 of the International Standard Industrial Classification of All Economic Activities (ISIC Rev.4) and estimates growth figures for countries using ISIC Rev.3 at the two-digit level of Rev.4 using correspondence tables. Imputations are conducted for missing data. Users should note that while annual industrial growth rates from national accounts generally refer to changes in MVA, i.e. output net of intermediate consumption, quarterly IIPs reflect the growth of gross output. However, given the temporal nature of estimates, output growth provides the best approximation of value added growth, assuming that the input-output relationship remains stable during the observation period.