Belgium's Economy Eked out Small Expansion in 4Q

By Xavier Fontdegloria

The Belgian economy slowed in the fourth quarter of 2022, posting only a marginal expansion, as industrial activity was hit by high energy prices.

Belgium's gross domestic product grew 0.1% from October to December, slowing from a 0.2% expansion the previous quarter, data from the National Bank of Belgium showed Monday. The reading beats the 0.1% contraction expected from economists polled by FactSet.

Growth in the fourth quarter was driven by the services sector and construction activity, which expanded by 0.3% and 0.8% on quarter, respectively. These gains were partially offset by a 1% on-quarter decline in industry, the bank said.

For 2022 as a whole, Belgium's gross domestic product grew 3.1%.

The National Bank of Belgium expects the economy to expand 0.5% in 2023. After a sluggish beginning of the year, growth should gradually pick up pace in the course of the year as a robust labor market supports households purchasing power, it said.

Write to Xavier Fontdegloria at [e-mail]

(END) Dow Jones Newswires

01-30-23 0514ET