Belgium: Pragmatically overcoming the recession

In Belgium the economy is currently very much the same as other western European countries. The real gross domestic product expanded by only 0.8% in 2002, slightly above the western European average. Unemployment increased perceptibly, and the unemployment rate stood at 7.3%. The inflation rate went up to 1.6% for the year. In 2003 real GDP will only grow by 0.5%, and the labour market situation will deteriorate again. The unemployment rate will increase to 8% for the year. Consumer prices will be around 1¼% above the level of the previous year. In 2004 the economy will recover gradually during the course of the year. The real gross domestic product will increase by around 1¾%. The unemployment rate will stand at 8% and the inflation rate at 1¼%.