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Belgium’s GDP grew slightly in fourth quarter of 2020

Credit: Belga

Belgium’s real gross domestic product (GDP) grew by 0.2% in the fourth quarter of 2020, according to a first estimate by the National Bank of Belgium (NBB) on Friday.

Over the year 2020 as a whole, however, GDP contracted by 6.2%, three times as much as during the recession (-2.0%) of 2009.

Year-on-year growth remains significantly negative, at -4.8%. A return to the level of economic activity before the Covid-19 crisis is therefore not yet on the agenda, the NBB pointed out.

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According to this initial estimate for the fourth quarter, added value nevertheless increased compared to the previous quarter, by 4.7% in industry and 3.3% in construction, while it fell by 0.6% in services.

These growth figures are, however, marked by greater uncertainty than usual, the NBB said. Due to the lack of administrative data, especially for December, this estimate was made using an adapted method.

The Brussels Times