Brussels Attacks Cost Belgium 0.1% of GDP in First Quarter --Central Bank Chief
April 30 2016 - 9:32AM
Dow Jones News
By Natalia Drozdiak
BRUSSELS--The March terrorist attacks in the Belgian capital
cost the country 0.1% of gross domestic product in the first
quarter of this year, the governor of Belgium's central bank told
broadcaster VRT News on Saturday.
"We estimate that we lost 0.1% of growth due to the attacks,"
said Jan Smets, head of the National Bank of Belgium. "This not
insignificant and very unfortunate."
Belgium's economy grew 0.2% on a quarterly basis in the first
three months of 2016, the country's central bank said earlier this
week in its preliminary flash estimate. On an annual basis, the
economy expanded 1.5% in the first quarter, it said.
Suicide bombers blew themselves up in the Brussels Airport and a
city subway station on March 22, killing 32 and injuring scores
more.
Mr. Smets said he expected the negative impact of those attacks
to carry over into the second quarter.
The attacks in Brussels have had a bigger impact on Belgium's
economy compared with other European countries that have also been
hit by terrorist attacks, Mr. Smets said, because the airport is an
important hub for the country's economy.
Belgium's economy also suffered in the final quarter of last
year after the government in late November deployed troops, shut
the capital's subway system and urged stores to close after
officials invoked the maximum terror alert in Brussels, citing
threats of an imminent attack similar to those in Paris on Nov.
13.
The terror lockdown cost Belgium 0.1% of GDP in the fourth
quarter, according to Pieter Timmermans, chief executive of the
Federation of Belgian Enterprises, the country's leading business
association.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
April 30, 2016 09:17 ET (13:17 GMT)
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