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Industrial production is a measure ofoutput of theindustrial sector of theeconomy. The industrial sector includesmanufacturing,mining, andutilities.[1] Although these sectors contribute only a small portion ofgross domestic product (GDP), they are highly sensitive tointerest rates andconsumer demand.[2] This makes industrial production an important tool forforecasting future GDP and economic performance. Industrial production figures are also used bycentral banks to measureinflation, as high levels of industrial production can lead to uncontrolled levels ofconsumption and rapid inflation[citation needed].
