Belgium: Economy grows faster than estimated in the third quarter
October 28, 2011
In the third quarter, gross domestic product (GDP) increased 0.5% over the previous quarter in seasonally adjusted terms, according to preliminary data released by the National Bank of Belgium on 28 October. The quarterly expansion halved the 1.0% increase tallied in the second quarter (previously reported: +0.9% quarter-on-quarter) and overshot last month's Consensus Forecast, which had the economy rising 0.2%. Final results will be published on 8 December. On an annual basis, the economy grew 2.1% in the third quarter, slower than the 2.6% expansion observed in the second quarter. The economy marked the third consecutive annual expansion after having contracted for five consecutive quarters since the fourth quarter of 2008. The Central Bank expects economic activity to grow 1.3% this year. For 2011, monetary authorities see the economy expanding 1.7%.
Author: Ricardo Aceves, Senior Economist