GDP in Belgium

Belgium GDP | Economic News & Forecasts

Belgium - GDP

Economy records sharpest contraction since Q4 2020 in the third quarter

According to a preliminary estimate, GDP contracted 0.1% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 0.5% expansion seen in the second quarter. Q3's reading marked the worst result since Q4 2020. On an annual basis, economic growth moderated to 1.6% in Q3, following the previous period's 4.1% increase. Q3's reading marked the worst reading since Q1 2021.

The quarterly slowdown was driven by a decline in the growth of the industry and services sectors. Output in the industrial sector contracted 0.7%, while the services sector eked out growth of just 0.1%. More positively, the construction sector expanded 0.3%.

Looking ahead, the economy is expected to continue contracting quarter on quarter until Q2 2023. Ongoing elevated inflation and a faltering industrial sector should drag on growth. High gas prices are likely to reduce the profit margins of the highly gas-dependent industrial sector, while the pharmaceutical sector should be affected by lower demand for vaccines. Moreover, high price pressures and rising interest rates also bode poorly for both household consumption and investment, respectively.

FocusEconomics analysts see the economy expanding 0.1% in 2023, which is down 0.4 percentage points from last month’s forecast, and 1.8% in 2024.

Belgium - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)2.0  1.5  2.0  1.4  1.4  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.

Download

Belgium GDP Chart


Belgium GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: National Bank of Belgium and FocusEconomics calculations

Belgium Facts

Value Change Date
Bond Yield0.100.15 %Dec 31
Exchange Rate1.120.65 %Dec 31

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form