Belgium GDP Q3 2021

Belgium

Belgium: GDP growth ticks up in Q3, according to preliminary estimate

October 28, 2021

According to a preliminary reading, GDP growth came in at 1.8% on a seasonally-adjusted quarter-on-quarter basis in the third quarter, rising slightly from 1.7% in the second quarter. However, GDP grew 4.7% on an annual basis in Q3, moderating from the previous period's 15.1% surge.

Although detailed data is not yet available, a breakdown by sector shows that services activity was the main driver, contributing 2.3 percentage points to overall growth. Conversely, industrial production and construction activity subtracted 0.1 and 0.5 percentage points, respectively.

Q3’s result saw economic activity return to a level not seen since the start of the health crisis. Going forward, economic growth is expected to remain robust in the remaining stretch of 2021. That said, an ongoing wave of Covid-19 cases and the threat of tighter restrictions could cap activity in the final quarter of the year.

FocusEconomics Consensus Forecast panelists project GDP to increase 4.7% in 2022 which is up 0.3 percentage points from last month’s projection. For 2023, the panel sees economic growth of 3.4%.


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Belgium GDP Q3  2021

Note: Quarter-on-quarter changes of seasonally-adjusted GDP in %.
Source: National Bank of Belgium (NBB) and FocusEconomics Consensus Forecast.


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