Belgium Industrial production February 2022

Belgium

Belgium: Industrial output growth improves in February

April 11, 2022

Industrial output grew 7.8% year-on-year in calendar-adjusted terms in February, which was above January's 6.7% increase. The reading reflected a broad-based improvement, with activity in the manufacturing, energy and mining and quarrying sub-sectors all improving in February.

On a monthly basis, industrial production dropped 0.6% in seasonally-adjusted terms in February, contrasting January’s 0.4% expansion. Meanwhile, annual average industrial production growth rose to 17.1% in February (January: +16.7%), signaling an improving trend in the industrial sector.

Analysts at the EIU added:

“We expect growth of 3.9% in 2022 […], driven primarily by investment, which will increase by 5%, owing to the disbursement of EU funds. […] However, Russia's invasion of Ukraine will add to already high inflation and supply-chain disruptions in the first half of the year, which will weigh on growth.”

FocusEconomics Consensus Forecast panelists expect industrial output to rise 0.2% in 2022, which is down 0.7 percentage points from last month’s forecast. In 2023, they expect it grow 1.5%.


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Belgium Industry February 2022

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


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