Economic growth in Belgium slowed down in the second quarter of the year compared to the first three months of 2023. Gross domestic product - the total of all goods and services produced - rose by 0.2% compared to the first quarter, according to a first flash estimate from the National Bank of Belgium (NBB). During the first quarter, the Belgian economy grew by 0.4 percent.
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Economic growth in Belgium slows to 0.2%
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The sector that is responsible for the slowdown is industry. Industry declined by 1% during the second quarter. Meanwhile, the services sector grew by 0.5% and the construction sector grew by 0.1%. Both these sectors made positive contributions to the growth figures.
On an annual basis, Belgian GDP grew by 0.9% in the second quarter. That is also down on annual growth during the first quarter when it stood at 1.3%. This is the lowest growth rate since the beginning of 2021.
The National Bank of Belgum warns that there is still a lot of uncertainty surrounding this flash estimate. Not least because administrative data for June was missing when calculating the figures.