Industrial production will grow next year: report

Industrial production will grow in 2014, particularly for companies which export, economists at the ABN Amro bank are forecasting in a report published on Tuesday.

The economists expect production to grow by 2% next year and by 3% in 2015.

Industrial production grew nearly 10% in September, following eight months of contraction. ‘ABN Amro expects the situation in the industrial sector to further improve over the coming months,’ the report says.

Growth is being driven by overseas orders for transportation, machines and metal products. Exports to China, Russia and Brazil are particularly buoyant.

The economists accept that there will be a time-lag before this translates into more company investment and an increase in jobs.

Last week, economists at ING forecast a 2% growth in the industrial sector, mainly driven by an improving European economy. However, they are expecting a contraction in the sector of 1.2% for this year.

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