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Belgium GDP Q1 2020

Belgium: Economy contracts at the fastest pace on record in Q1 2020

The economy contracted 3.9% quarter-on-quarter in seasonally-adjusted terms in the first quarter, markedly contrasting Q4 2019’s revised 0.5% expansion (previously reported: +0.4% quarter-on-quarter seasonally-adjusted) and marking an all-time low, as the Covid-19 pandemic and the measures taken to curtail its spread hammered activity.

On an annual basis, economic activity shrank 2.8% in Q1 after expanding a revised 1.3% in Q4 2019 (previously reported: +1.2% year-on-year), marking the lowest reading since Q2 2009.

A comprehensive release for national accounts will be published on 29 May.

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