Belgium: Economic growth improves slightly in Q3
November 28, 2014
According to the National Bank of Belgium (NBB), GDP expanded a seasonally-adjusted 0.3% over the previous quarter in Q3. The result came in above both the 0.1% expansion registered in Q2 and the flat reading that markets had expected.
According to the NBB, Q3’s economic growth was supported by an improvement in domestic demand. Private consumption increased 0.6% in Q3 (Q2: +0.2% quarter-on-quarter), while government spending contracted 0.2% (Q2: 0.0% qoq). Fixed investment growth accelerated from 1.0% in Q2 to 2.4% in Q3.
On the external side, exports of goods and services decelerated to a 0.8% rise in Q3 (Q2: +2.5% qoq). Imports also slowed, increasing 1.4% in Q3 (Q2: +2.8% qoq). Since exports decelerated faster than imports, the contribution of net exports to overall growth dropped from minus 0.2 percentage points in Q2 to minus 0.5 percentage points in Q3.
Compared to the same period last year, GDP growth decelerated slightly from 1.0% in Q2 to 0.9% in Q3.
Author: Cecilia Simkievich, Economist