After falling to nearly zero in early 2016, global industrial production growth hasrecovered steadily over the past 18 months, with recent momentum (3m/3msaar) the strongest seen since 2011 at 5%, well above the 3% long run average.    Notably, the most recent PMI surveys suggest that, if anything, growthmomentum picked up further in August, with good growth in all the majorregions.

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