GDP in Belgium
Belgium - GDP
GDP growth gathers momentum in the first quarter
GDP growth sped up to 0.5% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 0.4% in the fourth quarter of last year. The Q1 figure was above the preliminary figures.
Private consumption bounced back, growing 0.5% seasonally-adjusted quarter-on-quarter in Q1 compared to a 0.8% contraction in Q4. Public spending, meanwhile, dropped 2.5% (Q4 2021: +0.2% s.a. qoq). Fixed investment bounced back, growing 1.0% in Q1, contrasting the 2.2% contraction in the prior quarter.
Exports of goods and services contracted 0.9% in Q1, marking the worst result since Q2 2020 (Q4 2021: +1.8% s.a. qoq). In addition, imports of goods and services deteriorated, contracting 1.1% in Q1 (Q4 2021: +1.6% s.a. qoq). On an annual basis, economic growth waned markedly to 4.9% in Q1, following the previous period's 5.7% growth.
Activity should lose steam in the coming quarters. Soaring inflation due to the fallout from the Russia-Ukraine war, coupled with weaker sentiment among households, bodes poorly for domestic demand. Meanwhile, supply chain disruptions threaten the external sector. More positively, the removal of all Covid-19 restrictions should support activity this year.
FocusEconomics analysts see the economy expanding 2.3% in 2022, which is down 0.1 percentage points from last month’s forecast, and 1.8% in 2023.
Belgium - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 2.0 | 1.5 | 2.0 | 1.4 | 1.4 |
Belgium GDP Chart
Source: National Bank of Belgium and FocusEconomics calculations
Belgium Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.10 | 0.15 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Belgium: Consumer confidence rises for the third month in a row in June but remains below pre-war levels
June 22, 2022
Consumer confidence came in at minus 11.0 in June, up from May's minus 13.0, and marking the third month in a row that consumers became more optimistic.
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Belgium: Industrial output contracts at sharpest pace since December 2020 in April
June 10, 2022
Industrial production dropped 0.2% year on year in calendar-adjusted terms in April (March: +4.9% c.a.
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Belgium: GDP growth gathers momentum in the first quarter
May 31, 2022
GDP growth sped up to 0.5% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 0.4% in the fourth quarter of last year.
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Belgium: Consumer confidence rises in May
May 20, 2022
Consumer confidence came in at minus 13.0 in May, up from April's minus 14.0. The headline print largely reflected improved sentiment regarding consumers’ financial situation in the next 12 months, their assessments of the general economic situation in the next 12 months as well as reduced concerns about an unemployment increase.
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Belgium: Industrial output falls at sharpest rate since December 2020 in March
May 10, 2022
Industrial production declined 3.7% year-on-year in calendar-adjusted terms in March (February: +7.3% c.a.
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