Noting a "global economic slowdown in 2011" (economic growth, +3.7%, versus +5.2% in 2010), the association asserted that the world machine tool industry managed impressive growth in production (+27.7%) as well as consumption (+27.5%), and UCIMU members secured the fourth position among nations producing similar products (following China, Japan, and Germany), and the third rank among machine tool exporters (after Japan and Germany.)The total value of 2011 Italian machine tool, robot, and automation system output was €4.762 billion ($5.8 billion), a 13.5% increase over 2010 output. Italian