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Belgium Industrial production February 2023

Belgium: Industrial output bounces back in February

Industrial output grew 1.0% year on year in calendar-adjusted terms in February, which contrasted January’s 6.8% decrease. Looking at the details of the release, February’s pickup was broad-based. Manufacturing and energy production accelerated, while mining and quarrying activity contracted at a softer rate.

On a seasonally adjusted monthly basis, industrial output rose 6.1% in February (January: -3.8% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.4%, down from January’s minus 1.8% reading.

FocusEconomics Consensus Forecast panelists expect industrial output to fall by 0.1% in 2023, which is up 1 percentage points from last month’s forecast, and expand by 0.9% in 2024.

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