2023-09-11 10:00:19
Growth in Belgium’s gross domestic product is expected to reach 0.2% in the third quarter of 2023, according to the latest estimates from the National Bank (BNB) on Monday.
Belgium’s real GDP growth increased by 0.2% in the second quarter of 2023, according to statistics from the Institute of National Accounts, slightly lower than the BNB’s Business Cycle Monitor estimate from June ( 0.4%) and that the growth rate recorded in the first quarter of the year (0.4%).
Growth was once more supported by a solid increase in private consumption and services in the second quarter. Household consumption is expected to continue to grow at a sustained – although perhaps slightly more moderate – pace in the current quarter, while purchasing power should increase sharply, says the National Bank.
In the second quarter, business investment volume increased sharply once more and should continue to grow in the third quarter, but at a slightly more moderate pace. On the other hand, residential investment showed a sharp decline in the second quarter, which is expected to continue in the third quarter.
Public consumption fell unexpectedly in the second quarter, but it should return to positive (moderate) growth, while public investments should recover, under the effect of the deployment of investment plans, partially financed by Europe, and the usual electoral cycle, further specifies the BNB. The contribution of net exports to growth should remain negative in the third quarter.
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