Belgian economy shrinks for first time since late 2020

The energy crisis has dealt a blow to the Belgian economy during the third quarter of this year. Gross domestic product (GDP), not taking seasonal and calendar effects into account, fell by 0,1 per cent compared to the previous quarter, a flash estimate by the National Bank showed on Friday.

If confirmed, the flash estimate would indicate the first decline since the fourth quarter of 2020, when the economy suffered a 0,5 per cent slump due to the coronavirus pandemic. The National Bank does stress, however, that the estimates come with "high uncertainty".

Furthermore, the estimates show that value added in industry contracted by 0,7 per cent. In the services sector, although activity slowed, there was still a slight growth of 0,1 per cent. The construction sector did comparatively well and gained 0,3 per cent.



National Bank (BNB-NBB) governor Pierre Wunsch © BELGA PHOTO JAMES ARTHUR GEKIERE

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