Belgium: Industrial production rises in December but full-year growth shows deterioration
February 25, 2013
In December, industrial output grew a seasonally adjusted 3.0% over the previous month, which contrasted the 3.2% drop observed in November. The reading marked the strongest monthly increase since May 2012 and was mainly the result of a rebound in manufacturing production.
Compared to the same month the previous year, however, industrial production declined 5.1% in December, which followed the 3.2% drop recorded in November.
In the full year 2012, industrial output fell 3.0%, which contrasted the 3.8% expansion recorded in 2011. FocusEconomics Consensus Forecast panellists expect industrial production to grow 0.5% this year, before accelerating to a 2.2% expansion in 2014.
The National Bank of Belgium expects the economy to remain weak throughout this year and projects GDP to record zero growth. FocusEconomics Consensus Forecast panellists are more optimistic than the Bank and expect GDP to grow 0.2% in 2013, which is down 0.1 percentage points over the previous month's Consensus. For 2014, the panel expects economic growth to accelerate to 1.3%.
Author: Ricardo Aceves, Senior Economist