Belgium: Industrial output deteriorates in OctoberIndustrial output contracts in annual and monthly terms in October
Industrial output decreased 2.8% year on year in calendar-adjusted terms in October, which contrasted September’s 1.3% increase. Looking at the details of the release, October’s downturn was largely driven by a fall in manufacturing output. In addition, production contracted in both the energy, and mining and quarrying sub-sectors.
On a seasonally adjusted monthly basis, factory output fell 2.0% in October (September: +7.6% mom). Meanwhile, annual average industrial production growth fell to 0.6% in October (September: +1.9%), which marked an over one-year low.Industrial output decreased 2.8% year on year in calendar-adjusted terms in October, which contrasted September’s 1.3% increase. Looking at the details of the release, October’s downturn was largely driven by a fall in manufacturing output. In addition, production contracted in both the energy, and mining and quarrying sub-sectors.
On a seasonally adjusted monthly basis, factory output fell contracted by 2.0% in October (September: +7.6% mom). Meanwhile, annual average industrial production growth fell to 0.6% in October (September: +1.9%), which marked an over one-year low.
FocusEconomics Consensus Forecast panelists expect industrial output to fall by 1.5% in 2023, which is down 0.3 percentage points from last months forecast, and expand by 2.2% in 2024.