Belgian economy grew 2.7pc in 2004

7 April 2005

BRUSSELS – Belgium’s economy grew by 2.7% mainly driven by a rise in household consumption, figures released this week showed.

Concerning specific sectors of the economy, industry grew by 2.3 percent, construction 5.3 percent and services 2 percent.

Low mortgage rates prompted a 1.5 percent increase in individuals’ spending on housing construction and renovation.

The Belgian economy is projected to grow by 2.2 percent this year, according to a consensus forecast of the Belgian central bank and a group of private banks, who revised down their 2.3 percent growth projection from January.

Subject : Belgian news