Belgium's economy experienced a marginally greater expansion in the third quarter than initially predicted, according to the National Bank of Belgium's most recent data released on Friday.
The gross domestic product (GDP) grew by a seasonally and calendar-adjusted rate of 0.3% during the third quarter, maintaining the pace observed in the second quarter. Earlier projections in the flash report had anticipated a growth rate of 0.2%.
Economic growth has been on an upward trajectory since the fourth quarter of 2023.
The data revealed a 0.4% increase in value added within the services sector. The construction sector demonstrated a growth of 0.3%, while the industrial sector saw a slight reduction in value added by 0.1%.
In terms of expenditure, private final consumption increased by 1.4% over the quarter, whereas government consumption decreased by 0.7%. Gross fixed capital formation declined by 2.0%, and net exports experienced a minor decrease of 0.1%.
Comparing with the same quarter of the previous year, GDP growth improved to 1.2%, up from 0.9% in the second quarter. This latest increase marks an upward revision from the earlier estimate of 1.0%.
