Belgium GDP


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.

The Federal Planning Bureau (FPB) expects the economy to increase 1.1% in 2014 and 1.5% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to expand 1.0% in 2014, which is down 0.1 percentage points from the previous month’s Consensus. For 2015, the panel expects economic growth to pick up to 1.3%, which is also down 0.1 percentage points from last month’s projection.

Author:, Economist

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Belgium GDP Chart

Belgium GDP Q3 2014

Note: Quarter-on-quarter changes of seasonally-adjusted GDP in %.
Source: National Bank of Belgium (NBB) and FocusEconomics Consensus Forecast.

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