GDP reading: GDP dropped 0.1% month-on-month in seasonally adjusted terms in April (March: +0.2% mom). On an annual basis, monthly...
Economic Growth in Belgium
Belgium's economy recorded an average growth rate of 1.6% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was 1.0%. For more GDP information, visit our dedicated page.
Belgium GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Belgium from 2024 to 2023.
Source: Macrobond.
Belgium GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -4.8 | 6.2 | 4.3 | 1.2 | 1.0 |
| GDP (EUR bn) | 464 | 506 | 564 | 596 | 614 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.3 | 9.1 | 11.4 | 5.8 | 3.0 |
Economy records joint-best result since Q3 2022 in Q1
Second release confirms acceleration in Q1: A second release confirmed that GDP growth gained momentum to 0.4% on a seasonally adjusted quarter-on-quarter basis in the first quarter, up from 0.2% in the fourth quarter of last year and the joint-highest rate in over two years. On an annual basis, economic growth was stable at Q4’s 1.1% in Q1.
Investment fuels sequential uptick: Domestically, the improvement in quarter-on-quarter GDP growth was spearheaded by fixed investment, which expanded 0.6% in Q1 following the 0.4% increase logged in the prior quarter. On the flipside, private consumption growth dropped to 0.6% in Q1 (Q4 2024: +0.9% s.a. qoq). Moreover, government consumption fell 0.1% (Q4 2024: +0.7% s.a. qoq). On the external front, exports of goods and services fell 0.4% on a seasonally adjusted quarterly basis in the first quarter, which was below the fourth quarter's flat reading. In addition, imports of goods and services deteriorated, contracting 0.5% in Q1 (Q4 2024: +0.3% s.a. qoq).
Consensus Forecasts and Projections for the next ten years
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.
Latest Global GDP News
-
Canada: Economy dips in April -
Qatar: GDP growth beats expectations again in Q1, but still slows Print tops expectations again: GDP rose 3.7% year on year in Q1. The reading again overshot market expectations, despite slowing... -
Argentina: GDP grows at robust pace in the first quarter Economy remains strong despite slowdown: GDP growth slowed markedly to 0.8% on a seasonally adjusted quarter on quarter basis in... -
New Zealand: GDP growth records fastest upturn since Q2 2023 in the first quarter GDP reading: GDP growth accelerated to 0.8% on a seasonally adjusted quarter on quarter basis in the first quarter, up... -
Russia: War fatigue pushes economic growth to a two-year low in Q1 War fatigue pushes economic growth to a two-year low in Q1 Second release reveals steeper slowdown: Second release reveals steeper... -
Ghana: GDP growth improves in Q1 The economy starts the year on a stronger footing: GDP growth rose to 5.3% year on year in the first... -
Uruguay: GDP growth inches down in the first quarter Economy remains robust: GDP growth waned to 3.4% year on year in the first quarter from 3.5% in the fourth...