2023-10-30 10:22:22
October 30, 2023 Today at 11:21
The Belgian economy is holding up in a difficult context. Domestic demand effectively compensates for weak external demand.
According to a first estimate provided by the National Bank, Belgium’s gross domestic product (GDP) grew by 0.5% in the third quarter. This is an acceleration compared to the second quarter (0.3%).
Over a yearthat is to say between the third quarter of 2022 and the third quarter of 2023, growth of the Belgian economy stands at 1.5%. Here too, we can speak of an acceleration compared to the second quarter (1.3%).
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Given the context of slowing growth in the euro zone, Belgium’s result is satisfactory. Germany, Belgium’s main trading partner, saw its GDP fall by 0.1% in the third quarter, compared to the previous quarter. The German economy is struggling with interest rate increases, inflation and energy costs which are weighing on industry.
Contrasts
The evolution of growth in Belgium was quite contrasting depending on the sector of activity. So, added value fell by 0.6% in industry. This is essentially the result of weak external demand. In services, which are more dependent on domestic demand, activity, on the other hand, shows positive growth of 0.8%. Likewise, in construction, value added recorded an increase of 0.6%.
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