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Belgium Slips Into Economic Downturn

Written: 2012-02-02 13:31:54Updated: 2012-02-02 14:27:32

Belgium Slips Into Economic Downturn

Belgium has become the first euro zone nation to officially fall into a recession.

The National Bank of Belgium said that on a quarterly basis the nation’s gross domestic product grew minus two tenths of a percent in the fourth quarter of 2011. The economy grew minus one tenth of a percent in the third quarter compared to the previous quarter.

The euro zone fiscal crisis has significantly discouraged the economic growth of Europe overall. But Belgium, the sixth largest economy in the euro zone, is the first country to be confirmed in a recession.

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