Industrial What does air pollution tell us about industrial activity?
Adjusted* air pollution across China (a reflection of industrial activity) began to fall at the start of the outbreak.
- As of March 23, pollution in Guangdong province continued to decline steadily and was down 10% vs. a year earlier.
- After bottoming in early February, pollution in Hubei has been rising and was down only 8% y/y in late March.
Guangdong: Adjusted* PM 2.5 Pollution Index – Change y/y
Source: UBS Evidence Lab, World Air Quality Index
Hubei: Adjusted* PM 2.5 Pollution Index – Change y/y
Source: UBS Evidence Lab, World Air Quality Index