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Belgium GDP Q2 2022

Belgium: Economic growth records slowest increase since Q4 2020 in Q2

According to a preliminary reading, GDP growth waned to 0.2% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, from 0.5% in the first quarter. Q2’s reading marked the slowest growth since Q4 2020. On an annual basis, economic growth also lost momentum, cooling to 3.3% in Q2, following the previous period’s 4.9% increase. Q2’s reading marked the softest expansion since Q1 2021.

The quarterly slowdown was chiefly driven by lackluster performances in the industrial sector, including a double-digit contraction in manufacturing output, and declining retail sales. Moreover, construction and services activity growth softened.

The economy is expected to continue to grow at a soft pace in the coming quarters. Elevated prices, on the back of the Ukraine war, and rising interest rates bode poorly for both household consumption and investment. Moreover, industrial sector growth should remain anemic this year due to its high level of dependency on natural gas. Nevertheless, the removal of all Covid-19 restrictions should support the services sector this year.

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