Belgium Q4 GDP Growth Confirmed At 0.2%

(RTTNews) - Belgium's economy grew at a slightly slower pace as initially estimated in the final quarter of 2024, the latest data from the National Bank of Belgium showed on Friday.

Gross domestic product grew seasonally and calendar-adjusted 0.2 percent in the fourth quarter, slower than the previous quarter's stable rise of 0.3 percent. The economy has been expanding since the fourth quarter of 2023.

Data showed that value added was up by 0.7 percent in construction, and the services sector advanced by 0.2 percent. On the other hand, value added in the industrial sector showed a decline of 0.2 percent.

The expenditure breakdown showed that household consumption expenditure rose 0.9 percent, while general government consumption dropped by 0.4 percent. Business investment was 0.6 percent higher, while both exports and imports fell by 0.2 percent and 0.4 percent, respectively.

Compared to the same quarter last year, GDP growth eased slightly to 1.1 percent from 1.2 percent in the third quarter, as estimated.

During the year 2024, GDP expanded 1.0 percent compared to 2023, driven by construction and services spheres.