Global industrial production accelerated further in December, this time rising at an annualized rate of 7.7% (+4.1%year-over-year). Production was up 3.5% for the year as a whole, a significant improvement from the 1.8% increase recorded in 2016. Underlying the headline figure was a 4.0% increase in manufacturing activity, facilitated by a noticeable pick-up in private sector investment. In OECD countries, demand for fixed capital (structures, equipment) grew 3.5% last year, compared to 1.6% in2016. Unsurprisingly, output growth stemmed primarily from durable goods industries.