Belgium: Industrial production improves in July
September 29, 2011
In July, industrial production rose a working-day adjusted 4.0% over the same month last year, which contrasted the 0.7% decline observed in June. The main drivers behind the July improvement included a rebound in manufacturing, particularly in transport equipment manufacturing, and construction activity, which rebounded from a 9.9% contraction in June to a 1.2% increase in July. A month-on-month comparison confirms the improvement suggested by the annual figures, as industrial output grew a seasonally adjusted 0.2% over the previous month, which contrasted the 4.7% decline registered in June. Despite the monthly improvement, the trend continues to point to a moderation in the industrial sector, with annual average growth in industrial production dropping from 8.0% in June to 7.6% in July, which marked the slowest pace in 12 months.
Author: Ricardo Aceves, Senior Economist