Belgium GDP Q2 2020


Belgium: GDP falls at unprecedented pace in Q2

July 31, 2020

According to a preliminary estimate, GDP plunged 12.2% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, marking the worst result on record as the economy felt the brunt of the Covid-19 pandemic (Q1: -3.5% qoqsa). According to the Central Bank, the downturn was broad-based across sectors, with industry, services and construction activity all recording sharp contractions. A breakdown by expenditure is not yet available.

On an annual basis, GDP plummeted 14.5% in the second quarter, far below the first quarter’s 2.4% contraction. A second, more comprehensive estimate of GDP will be released on 31 August.

FocusEconomics Consensus Forecast panelists expect GDP to contract 8.0% in 2020, which is up 0.1 percentage points from last month’s forecast. For 2021, panelists expect GDP to grow 5.5%.


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Belgium GDP Chart

Belgium GDP Q2  20 20 1

Note: Year-on-year and quarter-on-quarter changes of GDP in %.
Source: National Bank of Belgium (NBB).

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