Belgian industrial production declines for third consecutive year
Belgium’s industrial output shrank in 2024 for the third year in a row, with production falling by 1.4 per cent. This is according to figures from Statbel and Eurostat, which were reported by De Tijd on Thursday. The decline follows contractions in both 2022 and 2023.
The downturn was driven largely by a sharp drop in vehicle manufacturing, with production of cars, buses, and trucks plummeting by 25.7 per cent. The bankruptcy of bus manufacturer Van Hool, along with reduced output at Audi Brussels in Forest and Volvo Cars in Ghent, contributed significantly to the decline.
Other sectors also struggled, with production of computer and electronics equipment falling by 14.6 per cent, while furniture, textiles, clothing, electricity, gas and steam, and rubber and plastics also saw notable reductions.
However, not all sectors suffered. The chemicals and pharmaceutical industries showed partial recovery after experiencing a sharp downturn in 2023.
Belgium faring well in Europe
Despite the overall decline, Belgium’s industrial performance was relatively resilient compared to neighbouring countries. Germany saw a more significant drop of 4.6 per cent, while the Netherlands recorded a 1.8 per cent decline. France fared better, with a more modest reduction of 0.3 per cent.
Additional indicators suggest a broader trend of de-industrialisation within the Belgian economy. Value added (wealth created by industry) declined by 1 per cent in 2024 and was 4.7 per cent lower than five years ago. Meanwhile, industrial employment has also taken a hit, with 9,000 jobs lost in the first nine months of 2024 and a total decline of 14,100 since the start of 2023.
© PHOTO IMAGO
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