Belgium Industrial production March 2022

Belgium

Belgium: Industrial output falls at sharpest rate since December 2020 in March

May 10, 2022

Industrial production declined 3.7% year-on-year in calendar-adjusted terms in March (February: +7.3% c.a. yoy). The outturn marked the worst reading since December 2020. March's figure was largely driven by a deterioration in manufacturing production growth, as it recorded the weakest reading since February 2021. In addition, energy output fell sharply.

On a seasonally-adjusted monthly basis, industrial production nosedived 5.6% in March (February: -1.4% mom), the worst result since April 2020. Meanwhile, annual average industrial production growth fell to 15.3% in March (February: +17.1%). This signals a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial output to fall 0.4% in 2022, which is down 0.6 percentage points from last month’s forecast, and grow 1.5% in 2023.


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Belgium Industry March 2022

Note: Month-on-month and year-on-year changes of industrial production in %.
Source: Statistics Belgium.


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