In the fourth quarter, GDP expanded a seasonally-adjusted 0.5% over the previous quarter according to revised data published by the National Bank of Belgium (NBB). The reading matched the previous flash estimate and marked an improvement compared to the 0.3% increase tallied in Q3. Revised data also showed that GDP accelerated from a 0.4% increase in Q3 to a 1.0% expansion in Q4. Q4's result reflected an improvement in domestic demand. Total consumption grew 0.4% over the previous quarter (Q3: +0.3% quarter-on-quarter) and was mainly supported by private consumption (Q4: +0.6% qoq; Q3: +0.5% qoq), while growth in government spending remained flat in Q4 (Q3: +0.0% qoq). In addition, gross fixed investment increased 0.8% in Q4, which was up from the 0.5% expansion tallied in Q3. On the external side of the economy, exports of goods and services decreased 0.4% in Q4 (Q3: +1.4% qoq) and imports contracted 0.6% over the previous three-month period (Q3: +1.0 qoq). Consequently, the external sector's net contribution to overall economic growth fell from a 0.4 percentage-point contribution in Q3 to a 0.1 percentage-point contribution in Q4. The Federal Planning Bureau expects economic growth to rise to 1.1% in 2014. The NBB also projects growth of 1.1% for 2014. FocusEconomics Consensus Forecast panelists expect the economy to expand 1.2% in 2014, which is unchanged over the previous month's Consensus. For 2015, the panel expects economic growth to pick up to 1.4%.
Revised Q4 data confirm improvement in GDP
March 5, 2014
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Belgium GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: National Bank of Belgium (NBB) and FocusEconomics Consensus Forecast.
Belgium Economic News
October 21, 2016
The business confidence index produced by the National Bank of Belgium (NBB) rose from minus 2.2 points in September to minus 1.8 points in October.
September 23, 2016
In July, industrial production increased a seasonally-adjusted 1.9% over the previous month, which was above the 1.2% registered in June and represented a 6-months high.
Belgium: Business confidence recovers timidly but consumer confidence deteriorates further in September
September 23, 2016
The business confidence index produced by the National Bank of Belgium (NBB) rose from minus 3.1 points in August to minus 2.2 points in September.
August 31, 2016
In the second quarter of 2016, GDP increased a seasonally-adjusted 0.5% over the previous quarter, according to comprehensive data released by the National Bank of Belgium (NBB) on 31 August.
August 25, 2016
In June, industrial production increased a seasonally-adjusted 2.0% over the previous month, which contrasted the 0.4% contraction in May.