Annual growth of industrial production in the OECD and EEC 1971-1978

The recession of 1973-1975 led to a drastic decline in industrial output in the OECD and EEC, falling from 9.3 and 8.5 percent growth respectively in 1973, to negative growth of -8.3 and -6.1 percent respectively in 1975. The greater range in the OECD's overall growth rate when compared to the European growth rates is largely driven by the fluctuation in Japan's industrial output in these years.