Drivers of change in industrial energy consumption: Insights from Belgium

W. Gelade and C. Swartenbroekx
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W. Gelade: National Bank of Belgium
C. Swartenbroekx: National Bank of Belgium

Economic Review, 2026, 1-36

Abstract: Over the past two decades, energy consumption in the manufacturing industry has declined despite increasing activity. What explains this decoupling? Structural shifts in the composition of the Belgian manufacturing sector are the main driver: energy-intensive industries such as chemicals and iron and steel now carry less weight, while less energy-intensive sectors, notably pharmaceuticals, have expanded. Improvements in energy efficiency have also contributed to the decline in energy use, albeit to a lesser extent.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:nbb:ecrart:y:2026:m:september

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