National Accounts Institute

2021-10-28

PRESS RELEASE

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The Belgian economy grew by 1.8 % in the third quarter of 2021

According to the flash estimate, seasonally and calendar adjusted gross domestic product (GDP) in volume terms increased by 1.8 % in the third quarter of 2021 compared with the previous quarter. In comparison with a year ago, the third quarter of 2020, growth came to 4.7 %. For the first time since the outbreak of the COVID-19-crisis, the pre-crisis level of economic activity was reached and even exceeded.

An early estimate puts value added at 0.1 % below the previous quarter in industry and down 0.5 % in construction. Value added was up by 2.3 % in services.

GDP, QUARTERLY GROWTH IN VOLUME

(data adjusted for seasonal and calendar effects)

Percentage change compared to

corresponding quarter

previous

of the

quarter

previous year

2019 I

2.1

0.3

II

2.1

0.4

III

2.4

0.7

IV

2.1

0.7

2020 I

-1.4

-3.1

II

-13.3

-11.6

III

-3.6

11.9

IV

-4.4

-0.1

2021 I

0.0

1.2

II

15.1

1.7

III

4.7

1.8

GDP AND THE ECONOMIC CYCLE

15

40

30

10

20

5

10

0

0

−10

−20

−5

−30

−10

−40

−50

−15

−60

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

GDP growth in volume (percentage change compared to the corresponding quarter

of the previous year) "Flash" estimate

Business survey

(smoothed data, right-hand scale)

Business survey

(gross data, right-hand scale)

These growth figures are surrounded by even greater uncertainty than is normally the case with the flash estimate. Owing to the lack of administrative data for the month of September in particular, an adapted methodology has been used for this flash estimate. For the seasonal adjustment of the data series, the recent Eurostat guidancehas been followed in order to estimate the impact of COVID-19 as accurately as possible.

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National Bank of Belgium published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 09:12:04 UTC.