Belgium city from above

Belgium GDP Q3 2019

Belgium: Second release confirms Q3 acceleration

A second national accounts estimate released by the National Bank of Belgium (NBB) on 29 November confirmed economic activity accelerated in the third quarter. GDP growth came in at 0.4% quarter-on-quarter in seasonally-adjusted terms, up from the 0.3% qoq s.a. expansion recorded in the second quarter. The print also overshot analysts’ expectations and marked the quickest expansion this year. On an annual basis, growth quickened to 1.6% from 1.3% in the second quarter.

Although domestic activity eased in Q3, it surpassed expectations thanks to surprisingly resilient private consumption, which expanded at the fastest pace in three years (Q3: +0.6% quarter-on-quarter seasonally-adjusted; Q2: +0.4% qoq s.a.). Conversely, government spending eased in Q3 (Q3: +0.5% qoq s.a.; Q2: +0.7% qoq s.a.), while fixed investment almost stagnated after markedly accelerating in the previous quarter (Q3: +0.3% qoq s.a.; Q2: +1.5% qoq s.a.).

Meanwhile, despite the wider European pullback in Q3, the external sector weighed less on the overall expansion than in Q2. Although exports contracted 0.9% qoq s.a., (Q2: +0.4% qoq s.a.), a parallel fall in imports (Q3: -0.8% qoq s.a.; Q2: +0.7% qoq s.a.) cushioned the downturn somewhat. Taken together, the external sector subtracted 0.1 percentage points from growth, less than the 0.3 percentage points subtracted in Q2.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest