During the second quarter of 2022, Belgium, Luxembourg, and the Netherlands experienced a decrease in their year-on-year GDP growth rates compared to 1Q22. In terms of inflation, the Netherlands recorded the highest rate (9.00%), while Luxembourg registered the lowest rate (7.06%). Regarding the labour market, Luxembourg and the Netherlands achieved lower unemployment levels than in the previous quarter, while Belgium experienced an increase in the unemployment rate.

Macroeconomic outlook report: Benelux 2Q22

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Macroeconomic overview

  • Belgium: In the second quarter, the Belgian economy slowed down, recording a 1.20 p.p. decrease in its year-on-year GDP growth rate compared to the previous quarter. Nevertheless, the year-on-year GDP growth rate registered growth of 4.10%. The inflation rate stood at 8.98%, after registering a 1.00 p.p. increase compared to the previous quarter. The unemployment rate increased by 0.30 percentage points to 5.70%.
  • Netherlands: Dutch economic growth decreased by 1.20 p.p. compared to the first quarter of 2022, recording a positive year-on-year GDP growth rate of 5.10%. On the other hand, it recorded an inflation rate of 9.00%, after experiencing an increase of 1.57 p.p. As for the unemployment rate, it decreased by 0.03 p.p. to 3.40%, making it the lowest of the three countries.
  • Luxembourg: In the second quarter of 2022, Luxembourg's economic growth decreased by 1.37 p.p. compared to the previous quarter, registering a year-on-year GDP growth rate of 1.53%. The unemployment rate continued to fall to 4.69%, after a decrease of 0.13 percentage points compared to the previous quarter. Inflation rose by 1.63 percentage points, up to 7.06%, making Luxembourg the country with the lowest inflation in the Benelux countries, followed by the Netherlands.

For more information, access the Macroeconomic Outlook Report of Benelux 2Q22.