Belgium: Industrial output accelerates in August
October 21, 2010
In August, industrial production expanded 7.1% over the same month last year, which came in above the 4.4% annual increase registered in July.The reading marked the sixth consecutive month of positive growth in the industrial sector. The acceleration observed in August was mainly the result of faster growth in the manufacturing sector (July: +6.2% year-on-year; August: +10.3% yoy), as well as in electricity, gas and water supply (July: +1.9% yoy; August: +3.8% yoy). A month-on-month analysis confirms the strong expansion suggested by the annual figures, as industrial output rose a seasonally adjusted 0.1% in August (July: -0.8% mom). The trend continues to improve, with annual average variation in industrial production rising from minus 1.5% in July to a flat reading in August, which is finally scratching positive territory after 21 consecutive months mired in recession.
Author: Ricardo Aceves, Senior Economist