Economy enters 2025 on weak footing: A second release confirmed that GDP was flat compared to a year ago in...
Economic Growth in Belgium
In the year 2024, the economic growth in Belgium was 1.02%, compared to 1.77% in 2014 and 1.20% in 2023. It averaged 1.65% over the last decade. For more GDP information, visit our dedicated page.
Belgium GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Belgium from 2022 to 2021.
Source: Macrobond.
Belgium GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.4 | -4.8 | 6.2 | 4.3 | 1.2 |
| GDP (EUR bn) | 479 | 464 | 506 | 564 | 596 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.3 | -3.3 | 9.1 | 11.4 | 5.8 |
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 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.
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