Belgium Industrial production July 2022

Industrial production slid 5.1% year-on-year in calendar-adjusted terms in July (June: -11.1% c.a. yoy). The smaller drop was largely due to a softer fall in manufacturing output. In contrast, energy output fell more strongly.

On a monthly basis, industrial output grew 1.7% in seasonally-adjusted terms in July, which was notably better than June’s 2.3% fall and marked the best result since December 2021. Meanwhile, annual average industrial production growth fell to 5.2% in July (June: +7.3%), which marked an over one-year low.

FocusEconomics Consensus Forecast panelists expect industrial output to fall by 0.8% in 2022, which is up 0.7 percentage points from last month’s forecast, and contract by 0.8% in 2023.