GDP in Belgium
Belgium - GDP
GDP growth accelerates in the second quarter
A second estimate confirmed that GDP growth accelerated on a seasonally-adjusted quarter-on-quarter basis in the second quarter, expanding 1.7% (previously reported: +1.4% s.a. qoq) and gaining steam from the 1.1% rise tallied in the first quarter of the year.
Household spending increased 3.5% in the second quarter (Q1: +1.1% s.a. qoq), while government spending growth picked up to 3.5% in Q2 (Q1: +0.7% s.a. qoq). That said, fixed investment grew 1.6% in Q2, slowing from the previous quarter’s 2.7% rise and marking the lowest reading since Q2 2020’s pandemic-induced contraction.
Meanwhile, both exports (Q2: +2.7% s.a. qoq; Q1: -0.2% s.a. qoq), and imports of goods and services (Q2: +3.1% s.a. qoq; Q1: -1.1% s.a. qoq) rebounded solidly, likely as a result of a lower number of Covid-19 infections and loosening of associated restrictions at home and among key European trading partners.
On an annual basis, GDP rose 14.9% in Q2 (previously reported: +14.5% year-on-year) sharply contrasting the previous quarter's 0.5% contraction. The result marked the fastest expansion since records began, but was largely bolstered by a low base effect, as Q2 2020 contrastingly logged the steepest contraction on record.
Looking ahead, high-frequency indicators paint a positive picture for the Belgian economy: Both consumer and business confidence remained upbeat through July and August amid gradually easing pandemic-related restrictions and a swift vaccination campaign. Nevertheless, the recent rise in new Covid-19 cases due to the Delta variant poses a downside risk.
FocusEconomics Consensus Forecast panelists forecast GDP to increase 4.8% in 2021, which is up 0.1 percentage points from last month’s projection. For 2022, the panel sees economic growth of 3.3%.
Belgium - GDP Data
|Economic Growth (GDP, annual variation in %)||2.0||1.5||2.0||1.4||1.4|
5 years of economic forecasts for more than 30 economic indicators.
Belgium GDP Chart
Source: National Bank of Belgium and FocusEconomics calculations
|Bond Yield||0.10||0.15 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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October 11, 2021
Industrial production rose 29.9% year-on-year in calendar-adjusted terms in August (July: +29.5% c.a.
Belgium: Consumer confidence remains optimistic in September, while business confidence at four-month low
September 24, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at plus 8.0 in September, rising from August’s plus 5.0 result and thus moving further into optimistic territory.
August 30, 2021
A second estimate confirmed that GDP growth accelerated on a seasonally-adjusted quarter-on-quarter basis in the second quarter, expanding 1.7% (previously reported: +1.4% s.a.
August 23, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at plus 5 in August, falling from July’s plus 8 result, but remaining in optimistic territory.
August 10, 2021
Industrial output grew 23.2% year-on-year in calendar-adjusted terms in June (May: +19.5% c.a.