Recession in Belgium is over

The economic recession in Belgium is over. During the third quarter of the year the Belgian economy grew by 0.5 percent. This follows four consecutive quarters in which economic growth declined. The economic information comes from the National Accounts Institute. The upturn in the economy means that we are now out of the recession.

Compared to the same quarter of last year the gross domestic product has dropped by some 3.5 percent. This is less of a drop than in the quarter before when there was a decline of GNP by 4.2 percent.

The growth of 0.5 percent is based on a first so-called 'flash' estimate made by the National Accounts Institute. More detailed statistics are not yet available.

For the second quarter of the year the Institute has revised the economic growth figure to negative 0.1 percent on a quarterly basis. On a yearly basis the decline in the second quarter was 4.2 percent.

The National Accounts Institute

The National Accounts Institute consists of representatives from three major institutions: the General Management of Statistics and Economic Information, the Central Bank of Belgium and the federal Planning Office.