RTTNews - Wednesday, the National Bank of Belgium announced that the gross domestic product or GDP declined a seasonally and calender adjusted 1.7% sequentially in the first quarter, marking the same pace as in the previous quarter. The first quarter figure was revised from 1.6% drop in the preceding report. A year earlier, the GDP was up 0.4%.

Year-on-year, the GDP dropped 3.1% in the first quarter, revised from 3% fall estimated initially. In the fourth quarter, the GDP was down 1%.

In 2008, the Belgian economy grew 1% on a calendar-adjusted basis, after expanding 2.6% in 2007.

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