Belgium Industrial production May 2021

Belgium

Belgium: Industrial output growth loses pace in May, partly due to a less favorable base effect

July 9, 2021

Industrial production increased 10.5% year-on-year in calendar-adjusted terms in May (April: +28.4% c.a. yoy), partly due to a less favorable base effect. Weaker momentum in manufacturing and mining and quarrying production contributed to the downtick.

On a monthly basis, industrial production declined 2.3% in seasonally-adjusted terms in May, contrasting April’s 5.0% expansion. Meanwhile, annual average industrial production growth rose to 2.9% in May (April: +1.6%), which marked an over one-year high.

Going into the end of the second quarter, Ghent’s Volvo factory and Brussels’ Audi facility both halted production due to a chip shortage, which likely weighed on June’s reading.

FocusEconomics Consensus Forecast panelists expect industrial output to rise 3.9% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, the panel expects it to expand by 3.2%.


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Belgium Industry May 2021

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


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