Unilever tells a story of a growing economy

Outlook

Unilever products displayed at a cosmetics shop in New Delhi (Getty)

Economic surveys from the International Monetary Fund, the OECD and the like have their place, but there’s no substitute for on-the-ground experience.

And there are few better places to look for that than Unilever – one of the most global companies we have and arguably the best international barometer of consumers’ wealth and confidence that you could wish for.

Its products, from Dove soap to Sunsilk shampoo, are affordable to the growing middle classes from Nigeria to Nepal. And for a century and more, it has had deeper penetration in what we now call emerging markets than any economics think-tank could dream of.

So it’s always worth scrutinising in detail Unilever’s view of the world. And figures showed, whisper it softly, that after many tough years, things really seem to be picking up. China – which the surveys all tell you is slowing dramatically – is improving; Africa saw decent momentum; Latin America delivered strong growth; and even Europe, despite what certain UK politicians may tell you, accelerated healthily.

The story is similar at SABMiller, the brewer, which reported a rebound in lager sales in China and continued acceleration in Africa and Latin America.

Sure, Unilever was urging investors not to get too carried away, and the numbers from the drinks giant Diageo indicated that its clients are still struggling to afford its pricier brands.

But for Britain’s multinationals, a global economic recovery looks to be under way.