Belgian Economic Growth Revised Up to 0.9%; Construction Industry Rebounds

Belgium’s economic growth accelerated more than initially estimated in the second quarter, adding to signs the recovery in the European economy is gathering strength.

Gross domestic product in Belgium, the sixth-largest economy in the euro region, expanded 0.9 percent from the first quarter, when it didn’t grow, the National Bank of Belgium in Brussels said today in an e-mailed statement. The increase was above the bank’s July 30 estimate of 0.7 percent.

The construction industry grew 4.4 percent from the first quarter when it contracted a revised 3.5 percent. Manufacturing increased 1.1 percent, while the services industry grew 0.5 percent. Belgian exports increased 2.7 percent in the second quarter from the prior three months while consumption grew 0.1 percent.

European manufacturers have relied on exports to boost earnings as consumers hold back spending. With the global recovery cooling and governments stepping up budget cuts, the economy may struggle to maintain its pace of growth in the second half.

From a year earlier, Belgium’s second-quarter GDP rose an upwardly revised 2.4 percent, after a 1.6 percent gain in the previous quarter, today’s report showed.

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net.

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