Belgium Industry


Industrial production expands at fastest pace in over three years

In July, industrial production jumped 3.5% over the previous month in seasonally-adjusted terms. The reading was up from the 1.3% expansion observed in June and represents the fastest growth rate in industrial output since June 2010. The acceleration in July mainly reflected faster growth in mining and quarrying as well as in manufacturing production.

Compared to the same month last year, industrial production surged 11.1% in July (June: +0.4% year-on-year), which represents the strongest annual expansion since May 2011.

As a result of the annual expansion, the trend improved, with annual average growth in industrial output rising from minus 1.9% in June to minus 1.4% in July.

FocusEconomics Consensus Forecast panelists project that industrial output will contract 0.3% in 2013, which is up 1.0 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.5%, which is up 0.8 percentage points from last month's estimate.

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Belgium Industry Chart

Belgium Industry July 2013

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: National Bank of Belgium (NBB) and FocusEconomics calculations.

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