Economic Growth in Belgium
Belgium recorded an average real GDP growth rate of 1.6% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, Belgium's real GDP growth was 3.0%. For more GDP information, visit our dedicated page.
Belgium GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Belgium from 2013 to 2022.
Source: National Bank of Belgium.
Belgium GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.8 | 2.2 | -5.3 | 6.9 | 3.0 |
| GDP (EUR bn) | 460 | 479 | 461 | 508 | 554 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.4 | 4.0 | -3.7 | 10.2 | 9.1 |
GDP records quickest expansion since Q2 2022 in the third quarter
Economic growth improved in the third quarter, with GDP expanding 0.5% on a seasonally adjusted quarter-on-quarter basis (Q2: +0.3% s.a. qoq) according to a preliminary estimate.Q3's reading marked the strongest increase since Q2 2022. The figure showed that Belgium was one of the fastest growing eurozone countries in the third quarter and contrasted with the 0.1% contraction of the eurozone. On an annual basis, economic growth improved moderately to 1.5% in Q3, compared to the previous period's 1.3% expansion.
According to the preliminary assessment, the manufacturing industry experienced a 0.6% decline in value-added terms. Services, on the other hand, demonstrated positive growth of 0.8%. Lastly, in the construction sector, there was a 0.6% increase in value added.
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 20 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.