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.