Belgium city from above

Belgium Economic Growth (Nominal GDP, ann. var. %)

Economic Growth in Belgium

Quarter-on-quarter economic growth accelerated in Q1 to 0.4% from 0.1% in Q4 2022. The upturn was largely driven by stronger expansions in services and construction activity, which more than offset sharp contractions in industrial output and retail activity. Meanwhile, the number of new companies decreased year on year in Q1, despite 2022 being the worst year in a decade in this regard. Turning to Q2, although economic momentum is likely slowing somewhat from the previous quarter, it should remain resilient. Both average consumer and business sentiment in April–May were higher than in Q1, which should lead to resilient consumption activity and investment. Moreover, declining inflationary pressures in April should buttress private spending further, while lower energy prices and easing supply bottlenecks should support an industrial activity recovery.

Belgium Economic Growth Chart

This chart displays Economic Growth (Nominal GDP, ann. var. %) for Belgium from 2013 to 2022.

Belgium Economic Growth Data

2017 2018 2019 2020 2021
Economic Growth (Nominal GDP, ann. var. %) 3.5 3.4 4.0 -3.9 9.3

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

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