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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
BelgiumBelgium Industrial Production MoM fell to -2.3% in November 2025
FMPMonthlyReleased January 2026
Belgium Industrial Production MoM fell to -2.3% in November 2025, released January 2026, down 0.3% from October's -2.0% reading. The reading missed the 2.9% consensus by 5.2%. The print is running well below the 12-month average of 0.75%. Over the past 3 months, Industrial Production MoM averaged -1.53%, vs 3.15% in the prior 3-month window. The reading is in the 28th percentile of the trailing 24-month range.
Latest Release
-2.3
Actual
2.9
Consensus
-2
Previous
Median Absolute Error
±2.96 percentage points
across last 12 releases
Last Call
Jan 2026
Predicted: 2.13
Actual: -2.3
Error: +4.43
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/JPY | ▼ Inverse | −0.84 | FOREX | Moves against | → View |
| GBP/USD | ▲ Direct | +0.80 | FOREX | Moves with | → View |
| EUR/USD | ▲ Direct | +0.75 | FOREX | Moves with | → View |
| BTC/USD | ▲ Direct | +0.70 | CRYPTO | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Industrial Production MoM (Belgium) was reported at -2.3% in January 2026. This missed the market consensus of 2.9% by 5.2%. The reading fell from the previous value of -2%. Trailing 12-month context per ETL data through January 2026.
WHY IT MATTERS
The trailing three releases averaged -2.17%, down from the prior three at 1.97%. In January readings over the past 3 years, Industrial Production MoM has averaged 0.87%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/JPY (Bearish USD). A secondary relationship exists with GBP/USD, positively correlated (Bullish GBP). Over the last 12 releases, the Sigmacast model's median absolute error is 2.96%.
Auto-generated from current model state · Refreshes on each release · Last update January 2026.
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Industrial Production MoM - BE
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About Industrial Production MoM — Belgium
DEFINITION
Industrial Production MoM (Month-over-Month) is a key economic indicator that measures the change in the total output of the manufacturing, mining, and utilities sectors within a specific country or region over a one-month period. This indicator provides valuable insights into the health and growth of the industrial sector, which is a crucial component of a country's overall economic performance. It is closely monitored by investors, policymakers, and analysts as it can impact inflation, employment, and consumer spending. A positive MoM change in industrial production indicates a growing economy, while a negative change may signal a slowdown or contraction.
WHY THIS INDICATOR MATTERS
Manufacturing and factory-order series capture cyclical inflection earlier than aggregate output, and have outsized influence on industrial-sector equities. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Nov 2025): actual -2.3 %, consensus 2.9 %. Prior reading (Oct 2025): -3.5 %. Before that (Sep 2025): -0.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with USD/JPY (Bearish USD, r=-0.84) — a useful reference for forex-focused traders.
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Economic Calendar - BE Events
| Tuesday, August 25, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 13:00 | BE | Business Confidence | -11.9 | -10.5 | -10.50 | Low | |