Belgian economic growth slowed to 1 per cent in 2024
The Belgian economy grew by 1.0 per cent in 2024, according to a flash estimate by the National Bank of Belgium (NBB) on Wednesday. This is the slowest growth in four years.
The economic growth is in line with the NBB's latest outlook in December, when it put forward a 1 per cent growth rate, following 1.3 per cent growth in 2023. The bank expects growth to pick up slightly this year, to 1.2 per cent.
According to the flash estimate, value added fell 1 per cent in manufacturing last year. Economic activity rose 1 per cent in construction and 1.3 per cent in services.
In the fourth quarter of last year, gross domestic product (GDP) grew by 0.2 per cent, the NBB estimates, a slowdown after four consecutive quarters of 0.3 per cent economic growth.
Earlier this month, the Federation of Belgian Enterprises blamed the slowing growth on high labour costs, soaring energy prices and heavy administrative burdens. It hopes for a quick government formation to deal with the country's weakened competitiveness and stave off a recession.
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