Belgium: Industrial production soars in January
March 31, 2011
In January, industrial production soared 12.5% over the same month last year, which was well above the 9.7% expansion observed in December. The reading marked the fastest expansion since April 2008. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as industrial output grew a seasonally adjusted 3.0% over the previous month (December: -0.6% month-on-month). Strong growth in mining and quarrying as well as in manufacturing, were the main drivers behind the January expansion. In addition, construction bounced back in January, expanding 5.5% annually (December: -4.9% year-on-year). The trend continues to point to a healthy recovery in the industrial sector, with the annual average variation in industrial output rising from 5.7% in December to 7.1% in January.
Author: Ricardo Aceves, Senior Economist