Belgium city from above

Belgium GDP Q4 2023

Belgium: GDP growth records best result since Q2 2022 in the fourth quarter

Growth gained momentum in the final quarter, with GDP expanding 0.5% on a seasonally adjusted quarter-on-quarter basis according to a preliminary estimate (Q3: +0.4% s.a. qoq). Q4’s reading marked the strongest increase since Q2 2022. On an annual basis, economic growth improved to 1.6% in Q4, from the previous period’s 1.4% expansion. Q4’s reading marked the best result since Q1.

According to the preliminary assessment, in quarter-on-quarter terms the construction sector experienced a 1.0% increase in value-added, while the services sector expanded 0.7%. On the other hand, the manufacturing industry shrank 0.6%.

Commenting on the outlook for the construction sector, ING’s Wouter Thierie and Maurice van Sante stated:

“So, 2024 promises to be a weaker year for the construction sector, but the long-term outlook is still favourable. We are on the eve of a major renovation wave. 85% of homes do not currently meet 2050 energy standards. The number of home improvements needs to be quadrupled to meet climate targets by 2050. Belgium’s public infrastructure, such as highways and railways, is severely outdated and in need of major refurbishment in the coming decades.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest