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Belgium Economy Exits Recession In Q3

Belgium's economy rebounded strongly in the third quarter, thus exiting a technical recession, latest figures from the National Bank of Belgium showed Monday.

Gross domestic product grew 11.4 percent from the second quarter, when it fell 11.8 percent. In the first quarter, the economy shrank 3.4 percent.

Domestic demand recovered strongly with a 16.4 percent jump in household consumption and a 15.8 percent increase in housing investment. Business investments grew 7.3 percent, while public investment surged 20.7 percent. Imports rose 14.3 percent and exports grew 13.3 percent.

Despite the considerable rebound on a quarterly basis, year-on-year growth remained clearly negative. GDP decreased 4.5 percent year-on-year in the third quarter after a 13.9 percent slump in the previous three months.

"So, there is still no question of any return to levels of economic activity seen before the COVID-19 crisis," the bank said.

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