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Belgium Industrial production June 2023

Belgium: Industrial activity drops at sharpest pace in a year in June

Industrial production dropped 7.6% year on year in calendar adjusted terms in June, a steeper contraction than May’s 6.4%. The downturn marked the worst reading since June 2022. Looking at the details of the release, the deterioration was largely driven by drops in manufacturing and mining and quarrying output.

On a seasonally adjusted monthly basis, factory output fell at a more pronounced rate of 3.0% in June (May: -1.5% mom). Still, the trend improved, with the annual average variation of industrial production coming in at minus 3.2% in June, up from May’s minus 3.6%.

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