Belgium: GDP increases 0.1% in second quarter
July 31, 2013
In the second quarter, GDP expanded a seasonally adjusted 0.1% over the previous quarter, according to a preliminary flash estimate released by the National Bank of Belgium (NBB) on 31 July. The reading matched market expectations and came in above the flat growth observed in the first quarter.
Compared to the same period last year, GDP declined 0.1% in Q2, which represents an improvement compared to the 0.6% contraction recorded in Q1. Detailed data will be published on 6 September.
The NBB expects the economy to remain weak throughout this year and projects GDP to record zero growth. For 2014, the Bank expects the economy to expand 1.1%. FocusEconomics Consensus Forecast panellists are more pessimistic than the Bank and expect the economy to contract 0.1% in 2013, which is down 0.1 percentage points over the previous month's Consensus. For 2014, the panel expects economic growth to accelerate to 1.0%.
Author: Ricardo Aceves, Senior Economist