Belgian economy ended 2022 with slight growth

Belgian economic growth has just remained positive in the fourth quarter of 2022, informs the National Bank (BNB) this Monday. Economic growth for the whole of 2022 was 3.1 percent. 

Gross domestic product (GDP), adjusted for seasonal and calendar influences, rose by 0.1 percent compared to the previous quarter. That is better than expected: based on its models, the National Bank had pushed forward a fall of 0.1 percent in December.

The growth is driven by the services sector (+0.3 percent) and construction (+0.8 percent). By contrast, value added in manufacturing fell by 1 percent.

Economic activity increased in the services sector in particular (+4.2 percent), followed by manufacturing (+0.3 percent) and construction (+0.1 percent).

The National Bank emphasizes that the estimates are accompanied by "great uncertainty". For example, the flash estimate for the third quarter still showed a contraction of the economy of 0.1 percent, but new calculations later pointed to a growth of 0.2 percent.



National Bank (BNB-NBB) governor Pierre Wunsch pictured during a press conference on the economic forecasts for the upcoming year, 19 December 2022 in Brussels. ©BELGA PHOTO (DIRK WAEM)




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