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