Home News Belgian economy shrank 12.2% in second quarter

Belgian economy shrank 12.2% in second quarter

Published on July 30, 2020

Belgium’s GDP fell by 12.2 percent in the second quarter compared with the previous three months, amid the coronavirus lockdown, according to the National Bank of Belgium.

“According to the first estimates, the decline in economic activity compared to the previous quarter is approximately equally strong in industry, construction and services,” the bank said.

Belgian GDP had already fallen by 3.5 percent in the first quarter of 2020, according to NBB figures.

In 2019, it had grew by between 0.1 percent and 0.5 percent in each quarter.

The NBB also warned: “These growth figures are characterised by greater uncertainty than is usually the case.”

Belgium, like most European Union countries, was forced to implement major containment measures, particularly in March and April, in an attempt to curb the epidemic.

After easing up in May and June, it has just announced a tightening of measures in response to an new increase in cases of COVID-19 infection.