Belgium GDP Q2 2021

Belgium

Belgium: GDP growth edges up in Q2

July 29, 2021

According to a preliminary reading, GDP growth edged up to 1.4% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, from 1.1% in the first quarter. On an annual basis, GDP grew 14.5% in Q2, contrasting the previous period's 0.5% decrease.

Although detailed data is not yet available, a sectoral breakdown puts services activity as the main driver, adding 1.4 percentage points to overall growth. In addition, industrial production and construction activity contributed 1.1 and 0.5 percentage points, respectively.

Moving forward into Q3, floods devastated the south of the country in July, causing massive property damage. More positively, the government of Wallonia recently pledged a EUR 2.0 billion solidarity fund to support reconstruction work. Moreover, restrictions are relatively loose compared with previous measures, which, combined with upbeat consumer sentiment, should support private consumption ahead.

FocusEconomics Consensus Forecast panelists project GDP to increase 4.7% in 2021, which is up 0.3 percentage points from last month’s projection. For 2022, the panel sees economic growth of 3.4%.


Author:, Junior Economist

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