Belgium city from above

Belgium GDP Q3 2023

Belgium: GDP growth accelerates in the third quarter

GDP growth picked up to 0.4% on a seasonally adjusted quarter-on-quarter basis in Q3 from 0.3% in the second quarter. The revised figure was slightly lower than the preliminary estimate of 0.5% but still placed Belgium among the fastest-growing Eurozone countries and contrasted with the bloc’s overall mild contraction. On an annual basis, economic growth sped up to 1.4% in Q3 from the previous period’s 1.3% expansion.

Private consumption increased 0.3% in the third quarter, which was above the second quarter’s 0.2% expansion. Public spending rebounded, growing 0.4% in Q3 (Q2: -0.7% s.a. qoq). Meanwhile, fixed investment growth held steady at 1.4% in Q3. Exports of goods and services contracted 1.9% in Q3, marking the worst reading since Q2 2020 (Q2: -1.6% s.a. qoq). However, imports of goods and services declined at a more pronounced pace of 1.8% in Q3 (Q2: -1.6% s.a. qoq), increasing the contribution of net trade to GDP growth.

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