Belgium Industrial production March 2021

Belgium

Belgium: Industrial output growth improves in March

May 10, 2021

Industrial output rose 1.7% year-on-year in calendar-adjusted terms in March, following February’s 1.4% increase. March's pick up was largely due to a notable rebound in both mining and manufacturing production. In contrast, energy output lost steam.

On a seasonally-adjusted monthly basis, industrial production fell at a more pronounced rate of 4.0% in March (February: -3.3% mom), the worst result since April 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 2.8%, up from February's minus 3.2%.

Going forward, Q2’s readings should show notable annual growth amid a very favorable base effect, which will fade away in the second half of the year.

FocusEconomics Consensus Forecast panelists expect industrial output to rise 3.9% in 2021, which is up 0.4 percentage points from last month’s forecast. In 2022, the panel expects it to expand by 3.1%.


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Belgium Industry March 2021

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


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