Belgium: Industrial production accelerates in November
January 25, 2011
In November, industrial production expanded 9.9% over the same month the previous year, which was well above the 5.6% increase observed in October. The reading marked the ninth consecutive month of positive growth in the industrial sector and represented the fastest pace since April 2008. The main driver behind the November acceleration was faster growth in the manufacturing sector, which expanded 11.4% year-on-year (October: +8.3% yoy). In addition, construction accelerated to a 11.9% expansion (October: +0.9% yoy). A month-on-month comparison, however, does not confirm the sharp acceleration suggested by the annual figures, as industrial production fell a seasonally adjusted 1.4% in November, which contrasted the 0.7% increase registered in October. The trend continues to point to a sound recovery in the industrial sector, with annual average growth in industrial production jumping from 3.2% in October to 4.4% in November, which represented the fastest pace since April 2007.
Author: Ricardo Aceves, Senior Economist