Economic Growth Slows to 0.2% in Belgium in the Second Quarter of 2023

According to the flash estimate by the National Bank of Belgium (NBB), the country’s Gross Domestic Product (GDP) in volume, adjusted for seasonal and calendar effects, grew by 0.2% in the second quarter of 2023 compared to the previous quarter. In comparison to the corresponding quarter of the previous year, the growth rate stands at 0.9%.

The flash estimate also indicates that the value added in the industry declined by 1.0%, while the services sector showed a positive growth of 0.5%. Additionally, the construction sector experienced a slight increase of 0.1% in value added.

The growth estimates are subject to high uncertainty, as has been the case since the beginning of the Covid-19 crisis and its disruptive impact on estimation models. Additionally, due to the lack of administrative data for June, activity for that month is estimated using a specific method. The seasonal adjustment process follows Eurostat’s guidelines.

The flash estimate points to a slowdown in economic growth, highlighting the ongoing challenges faced by the Belgian economy amid the pandemic and its repercussions on various sectors.