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.