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.
According to the preliminary assessment, the manufacturing industry experienced a 0.6% decline in value-added terms. Services, on the other hand, demonstrated positive growth of 0.8%. Lastly, in the construction sector, there was a 0.6% increase in value added.
On an annual basis, economic growth improved moderately to 1.5% in Q3, compared to the previous period’s 1.3% expansion.