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Belgium GDP Q3 2023

Belgium: GDP records quickest expansion since Q2 2022 in the third quarter

Economic growth improved in the third quarter, with GDP expanding 0.5% on a seasonally adjusted quarter-on-quarter basis (Q2: +0.3% s.a. qoq) according to a preliminary estimate.Q3’s reading marked the strongest increase since Q2 2022.

The figure showed that Belgium was one of the fastest growing eurozone countries in the third quarter and contrasted with the 0.1% contraction of the eurozone. On an annual basis, economic growth improved moderately to 1.5% in Q3, compared to 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.

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