INDUSTRIAL OUTPUT

Although it has recovered some of the ground it lost during the Asian crisis, Japan's industrial output continues to hover around the level that it stood at a decade ago. Meanwhile, industrial production in America has risen steadily since the recession of 1991. It was 46% higher at the end of the second quarter than at the start of 1990. Industrial-output growth in the four big European economies has been slower. Britain, having relinquished its position as the front-runner in 1997, has lagged behind France, Germany and Italy over the past two years. French industry has seen the biggest overall boost since 1990, producing 18% more this year. Italy's industrial output is up by 15% since 1990, followed by Germany's and Britain's, up by 12% and 11%, respectively.