Belgium's economy grew by 0.2% in the third quarter of the year, in line with estimates.
The latest flash estimate from the National Bank of Belgium shows that real GDP (gross domestic product), adjusted for seasonal and calendar effects, was up 0.2% in the third quarter.
Compared to the same period last year, the economy has grown by 1%. The figures show that in comparison to the previous quarter value added in industry fell by 0.1%, while in the services sector activity increased by 0.2%. Meanwhile in construction, value added remained stable.
Economic growth in Belgium has slowed slightly since the first quarter of the year (when GDP increased by 0.3%). The NBB has previously attributed this to "disappointing" growth in household spending, weaker international trade, as well as notable shocks to the local vehicle manufacturing industry.
Separate figures released on Tuesday show that Belgian households are saving more, as the household saving rate rose to 14.8% in the second quarter of 2024.
Household disposable income rose by 2%, while expenditure remained relatively stable (increasing by just 0.1%), pushing up the savings rate.
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At the same time, the household investment rate (including home construction and renovation) has fallen, from 8.7% in the first quarter of this year to 8.5% in the second quarter.
In terms of government budgeting, the general government budget balance worsened in the second quarter of 2024, running a deficit of 5% of GDP, compared with 3.2% in the previous quarter.
Revenue fell slightly, mainly as a result of a drop in direct household taxes, while expenditure climbed due to increases in social benefits, intermediate consumption expenditure and capital transfers.
This comes as Belgium is currently the subject of an excessive deficit procedure triggered by EU regulators, who have called for the state to reign in overspending.
