By Ed Frankl
Belgium’s economy accelerated in the third quarter of the year, driven by the country’s services sector, despite a continued manufacturing slowdown.
The country’s gross domestic product grew 0.5% from July to September compared with the previous three months, higher than the 0.3% expansion registered in the second quarter, according to preliminary estimates from the National Bank of Belgium published Monday.
The economic growth was driven by the services sector, which grew 0.8%, while the manufacturing sector struggled, contracting 0.6%, according to the NBB.
Belgium’s economy is expected to be more resilient this year than neighboring Germany, whose economy contracted 0.1% in the third quarter. The NBB expects the country’s economy to expand by 1.4% in 2023 as a whole in forecasts made in the spring, amid easing inflation and a tight labor market.
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