Belgium city from above

GDP in Belgium

Belgium GDP

GDP growth edges down in the second quarter according to flash estimate

According to a preliminary estimate, GDP growth waned to 0.2% on a seasonally adjusted quarter-on-quarter basis in the second quarter, from 0.4% in the first quarter. The headline figure was slightly below the 0.3% expansion of the eurozone. On a sectorial level, services saw a brisk expansion, while the construction sector saw milder growth and industrial output contracted.

On an annual basis, economic growth slowed to 0.9% in Q2, following the previous quarter’s 1.3% expansion. Q2’s reading marked the worst reading since Q1 2021.

A more detailed breakdown will be available on 31 August.

On the outlook for 2023 as a whole, analysts at the EIU commented:

“Sticky inflation will weigh on consumer confidence and erode purchasing power, although automatic wage indexation will partly mitigate the loss of spending. Importantly, the export-oriented Belgian economy […] will feel the impact of slower external growth through weak export growth. Weaker demand will be combined with higher borrowing costs as the ECB continues to raise interest rates. Elevated uncertainty and macroeconomic risks stemming from the war in Ukraine will also constrain growth in investment activity. Nevertheless, the disbursement of EU funds (Belgium’s allocation from the EU recovery fund is almost €6bn) will support investment.”

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Belgium GDP Chart

This chart displays Economic Growth (GDP, annual variation in %) for Belgium from 2013 to 2022.

Belgium GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.8 2.3 -5.4 6.3 3.2
GDP (EUR bn) 460 479 460 503 549
Economic Growth (Nominal GDP, ann. var. %) 3.4 4.0 -3.9 9.3 9.3

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