Belgium Industry


Industrial production expands in March

In March, industrial production increased 1.7% over the previous month in seasonally adjusted terms. The print contrasted the 1.2% decline recorded in February and marked the fastest monthly increase since June 2010. The monthly expansion was primarily the result of a rebound in manufacturing output.

Compared to the same month last year, however, industrial production contracted 8.1% in March, which followed the 6.9% decline observed in February and marked the sharpest drop since September 2012.

As a result of the annual decline, the trend continues to point downwards, with annual average growth in industrial output falling from minus 3.6% in February to minus 3.8% in March.

FocusEconomics Consensus Forecast panellists project industrial output to contract 1.0% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees industrial production rising 2.3%.

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Belgium Industry Chart

Belgium Industry March 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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