GDP reading: New Zealand’s GDP expanded 1.1% on a seasonally adjusted quarter-on-quarter basis in Q3, following a 1.0% contraction in...
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 2014 to 2025.
Source: Macrobond.
Belgium GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -4.8 | 6.3 | 4.0 | 1.7 | 1.1 |
| GDP (EUR bn) | 464 | 506 | 561 | 602 | 620 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.3 | 9.1 | 10.9 | 7.3 | 3.0 |
Economic growth picks up in the third quarter of 2025
Sequential GDP growth matches the euro area’s in Q3: A second release confirmed that Belgium's GDP grew 0.3% on a seasonally adjusted quarter-on-quarter basis in Q3, following a 0.2% expansion in the previous quarter and matching the euro area average. In annual terms, GDP expanded 1.0% in Q3, unchanged from Q2’s print.
A rebound in fixed investment drives the acceleration: Relative to the previous quarter's data, figures in Q3 picked up for fixed investment (+1.6% in seasonally adjusted quarter-on-quarter terms vs -1.2% in Q2), exports of goods and services (-0.7% vs -1.0% in Q2) and imports of goods and services (-0.7% vs -0.9% in Q2). In contrast, readings softened for private consumption (+0.1% vs +0.4% in Q2) and government consumption (+0.7% vs +1.2% in Q2).
Momentum to ease in Q4: Our Consensus is for quarter-on-quarter GDP growth to edge down in Q4, as stalled business confidence and softer demand expectations among managers in October–November are likely weighing on investment. Still, rising purchasing power should aid household spending, and public investment in defense is set to increase. In 2026, our panel expects economic growth to remain broadly stable from 2025. Private spending will be constrained by lower income growth, tax hikes and wage-indexation limits, but stronger fixed investment and exports should support activity, holding up against U.S. tariffs and sluggish regional momentum.
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 22 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.
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