Belgium's economy grew by 0.2% in the second quarter of 2024, falling short of the expected growth of 0.4% predicted by the State's central bank at the beginning of June.
According to the latest flash estimate published by the National Bank of Belgium (NBB) and the National Accounts Institute, the country's gross domestic product (GDP) grew by 0.2% in the three months from April to June, compared to the first three months of this year.
This is behind the 0.4% GDP growth predicted by the NBB at the start of June, and slower than the 0.3% growth recorded in the first quarter of 2024.
During the first three months of the year, Belgium's central bank said that household consumption slowed, and there was a slowdown in job creation and a deceleration in purchasing power.
The NBB also noted that while household spending was expected to remain moderate in the second quarter, the economy could strengthen again "beyond the near term" as employment recovers and a fall in inflation fuels real income growth.
Figures published on Monday show that in the second quarter of the year, industrial output declined by 0.3%. In contrast, the services sector saw a positive growth of 0.2%, and the construction industry grew by 1.1%.
Comparing the second quarter to the same period in 2023, the Belgian economy has grown by 1.1%.
