Belgian economy unexpectedly cools off

Economic activity rose by 0.2 per cent in Belgium in the second quarter, compared with 0.3 per cent the previous quarters. Falling manufacturing activity in particular played a role.

The growth of the Belgian economy is slowing down. Economic activity rose by only 0.2 per cent in the second quarter, compared with 0.3 per cent in the previous four quarters. The cooling comes as a surprise: the National Bank of Belgium and other major banks had forecast 0.4 per cent growth.

The weak economic growth is mainly due to falling manufacturing activity. The value added of the manufacturing industry dropped 0.3 per cent. In the services sector, activity grew by 0.2 per cent and in construction by as much as 1.1 per cent.

According to the National Bank of Belgium (NBB ), the Belgian economy will continue to grow. Annual growth would reach 1.2% for 2024 and 2025.

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