The Belgian economy grows less quickly than expected in the third quarter Economy

Anyone who digs deeper into the new, more precise figures from the Institute of National Accounts will encounter a mixed picture. For example, compared with the period from April to June, the value added in industry decreased by 0.5 percent. However, activity growth remained positive in the services sector (+0.7%) and in the construction industry (+0.6%).

Moreover, household consumption appears to have increased by 0.3% compared to the second quarter. “This increase was mainly supported by purchases of durable goods. Investments in housing fell by 1.2 percent. Government consumer spending and government investments rose by 0.4 and 1.8 percent, respectively. Business investments saw a strong rise of 2.1 percent.

Moreover, exports of goods and services fell more sharply (-1.9%) than imports (-1.8%). Net exports had a negative impact on the change in GDP. Finally, local employment appears to have increased further quarter-on-quarter: +0.2% or 12,700 people. Compared to the previous year, this is 0.7 percent more or 35,000 additional people. In the second quarter there was growth of 0.3 percent, and in the first quarter of this year it was 0.4 percent.