Belgium: Industrial production records largest contraction in over two years
July 24, 2012
In May, industrial production plunged 9.4% over the same month last year, which exceeded the 6.7% decline recorded in April. The reading marked, in fact, the sharpest contraction since October 2009 and mainly reflected a strong drop in manufacturing output. On a monthly basis, however, industrial production expanded a seasonally adjusted 4.7% in May, which contrasted the 7.0% fall observed in April. The trend continues to point downwards, with annual average growth in industrial output falling from 0.3% in April to minus 1.7% in May, which represents the first negative reading since April 2010.
Author: Ricardo Aceves, Senior Economist