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Belgian Q2 GDP revised up to -0.3 pct q/q

Published 09/09/2009, 09:03 AM
Updated 09/09/2009, 09:06 AM
TTEF
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BRUSSELS, Sept 9 (Reuters) - The Belgian economy contracted slightly less than previously estimated in the second quarter of 2009, the country's central bank said on Wednesday.

Seasonally adjusted gross domestic product (GDP) fell by 0.3 percent quarter-on-quarter, compared with the initial figure reported in July of 0.4 percent.

The contractions in the final three months of 2008 and the first quarter of 2009 were both 1.7 percent.

On a year-on-year basis, the contraction was 3.7 percent in the second quarter, against the July estimate of 3.8 percent.

The bank reported that the contribution to GDP of the manufacturing sector dropped by 0.9 percent in the second quarter from the first and of services by 0.1 percent. The contribution of construction rose by 0.1 percent.

Private-sector components of domestic demand all fell.

Corporate investment and household spending dropped 0.1 percent and 0.2 percent respectively.

Exports of goods and services fell 2.4 percent, while imports went down 2.5 percent.

The figures were all an improvement on or at least less negative than the first quarter of 2009, with the exception of public spending, which rose 0.4 percent in the second quarter.

Total employment fell 0.5 percent in the quarter and by 0.7 percent from a year earlier, the first year-on-year decline since the fourth quarter of 2002. (Reporting by Philip Blenkinsop; Editing by Dale Hudson)

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