Belgium GDP

Economy stagnates in Q2 2026

Belgium’s economy flatlines, underperforming most euro area peers: According to a flash GDP release, Belgium's economy was flat in calendar- and seasonally adjusted quarter-on-quarter terms in Q2, following a 0.2% expansion in the previous quarter. Q2's reading was the weakest since Q4 2020 and undershot the euro area average of 0.4%. The print was broadly in line with our panelists’ expectations. The Iran energy shock has hurt Belgium’s economy, which is about 25% more energy intensive than the euro area average, much higher than neighbors Netherlands, Germany and France. In calendar- and seasonally adjusted year-on-year terms, GDP increased 0.5% in Q2, following 0.8% growth in the prior quarter.

The industrial and construction sectors shrink: Relative to the prior period's data, figures in Q2 worsened for the industrial sector (-0.8% in calendar- and seasonally adjusted quarter-on-quarter terms vs -0.2% in Q1) and the construction sector (-0.5% vs +0.5% in Q1). Finally, the variation in the services sector was the same as in the prior quarter (+0.2% in Q2 and Q1).

GDP growth to return in Q3: In Q3, Belgium’s economy is expected to rebound as energy prices and global trade disruptions ease. Recovering consumer sentiment should support private spending growth, the key driver of Belgium’s GDP growth. In annual terms, GDP growth will likely remain below 1.0%—the norm in recent years—in the remainder of 2026, bringing full-year growth to a six-year low.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Belgian GDP projections for the next ten years from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Belgian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Belgian GDP projections.

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