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Financial News: Belgium Economy Shrinks 3.9% In Q1 On Covid-19

Belgium Economy Shrinks 3.9% In Q1 On Covid-19

04/29/2020 - 11:12:00 (RTTNews)

(RTTNews) - Belgium's economy contracted at a drastic pace in the first three months of the year as the coronavirus, or Covid-19, pandemic hurt economic activity. Gross domestic product decreased 3.9 percent from the fourth quarter, when the economy expanded 0.5 percent, the flash estimate from the National Bank of Belgium showed on Wednesday. Citing an earlier estimate, the bank said value added decreased 3.5 percent in industry, 6.6 percent in construction and 3.6 percent in services.

On a year-on-year basis, the GDP fell 2.8 percent in the first quarter after a 1.3 percent expansion in the previous three months.

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