The National Bank of Belgium (NBB) has published its growth forecast for the second quarter of 2023. NBB forecasts growth of 0.4% in April, May and June. An increase in consumption by the country’s household id the main factor fueling economic growth in Belgium. If the figures are confirmed at the end of this month, growth will have been slightly slower during the second quarter than it was during the period from January to March. During the first quarter of this year growth in Belgium was 0.5% of GDP.
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Belgian economy to grow by 0.4% during the second quarter of 2023
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In a press statement released on Friday morning the National Bank of Belgium said " GDP growth continued to be supported in the first quarter by the strong expansion of household consumption and activity in the services sector," says the NBB.
"Household consumption is expected to remain broadly unchanged in the second quarter of 2023 as purchasing power rebounds strongly this year."
NBB also expects public sector consumption to be up in the second quarter and for government investment to remain high, as is traditionally the case in the run-up to elections. Business investment, on the other hand, is expected to slow down markedly and investment in real estate is expected to decline.