Economic Growth in Belgium
Belgium recorded an average real GDP growth rate of 1.6% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, Belgium's real GDP growth was 3.0%. For more GDP information, visit our dedicated page.
Belgium GDP Chart
Belgium GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.8 | 2.2 | -5.3 | 6.9 | 3.0 |
GDP (EUR bn) | 460 | 479 | 461 | 508 | 554 |
Economic Growth (Nominal GDP, ann. var. %) | 3.4 | 4.0 | -3.7 | 10.2 | 9.1 |
GDP growth accelerates in the third quarter
GDP growth picked up to 0.4% on a seasonally adjusted quarter-on-quarter basis in Q3 from 0.3% in the second quarter. The revised figure was slightly lower than the preliminary estimate of 0.5% but still placed Belgium among the fastest-growing Eurozone countries and contrasted with the bloc’s overall mild contraction. On an annual basis, economic growth sped up to 1.4% in Q3 from the previous period's 1.3% expansion.
According to the preliminary assessment, the manufacturing industry experienced a 0.6% decline in value-added terms. Services, on the other hand, demonstrated positive growth of 0.8%. Lastly, in the construction sector, there was a 0.6% increase in value added. On an annual basis, economic growth improved moderately to 1.5% in Q3, compared to the previous period's 1.3% expansion.
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 21 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.
Want to get access to the full dataset of Belgian GDP forecasts? Send an email to info@focus-economics.com.
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