Thursday, November 5, 2009

Belgium Exits Recession in Third Quarter

Belgium's economy shook off recession in the third quarter of 2009 with 0.5 percent growth, the Belgian central bank said on Friday.

Compared to one year earlier, gross domestic product was down by 3.5 percent, but at a lesser rate than in the second quarter, which saw an annual contraction of 4.2 percent.

The central bank also revised upwards its estimate for the second quarter, and now says there was only a contraction of 0.1 percent between April and June as against an initial 0.3 percent.

The Belgian economy first slid into negative growth in the third quarter of 2008.

Source: AFP/Expatica

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