Belgium's gross domestic product grew by 0.6 percent on quarter in the first three months of 2021, rebounding from a 1 percent contraction in the previous period, a preliminary estimate showed. The latest reading came in much better than market forecasts of a 0.1 percent decline, as sectors such as industry (1.3 percent), services (0.2 percent) and construction (0.1 percent) remained resilient to a renewed increase in coronavirus infections and consequent restrictions. Year-on-year, the economy shrank 1 percent in the first quarter of the year, easing from a downwardly revised 4.9 percent contraction and marking the fifth consecutive quarter of declines in annual GDP. source: National Bank of Belgium

GDP Growth Rate in Belgium averaged 0.53 percent from 1980 until 2021, reaching an all time high of 15.80 percent in the first quarter of 1995 and a record low of -11.90 percent in the second quarter of 2020. This page provides - Belgium GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Belgium GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

GDP Growth Rate in Belgium is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Belgium to stand at 0.80 in 12 months time. In the long-term, the Belgium GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 0.50 percent in 2023, according to our econometric models.

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Belgium GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.60 -0.10 15.80 -11.90 1980 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-30 10:00 AM QoQ Final Q3 11.4% -11.8% 10.7%
2021-01-29 10:00 AM QoQ Adv Q4 0.2% 11.6% -1.7%
2021-03-01 10:00 AM QoQ Final Q4 -0.1% 11.6% 0.2% 0.2%
2021-04-29 09:00 AM QoQ Adv Q1 0.6% -0.1% -0.1% 0.1%
2021-05-28 09:00 AM QoQ Final Q1 -0.1% 0.6% 0.6%
2021-07-29 09:00 AM QoQ Adv Q2 0.8%
2021-08-31 09:00 AM QoQ Final Q2
2021-10-28 10:00 AM QoQ Adv Q3 1.4%


News Stream
Belgium Economy Unexpectedly Grows 0.6% QoQ in Q1
Belgium's gross domestic product grew by 0.6 percent on quarter in the first three months of 2021, rebounding from a 1 percent contraction in the previous period, a preliminary estimate showed. The latest reading came in much better than market forecasts of a 0.1 percent decline, as sectors such as industry (1.3 percent), services (0.2 percent) and construction (0.1 percent) remained resilient to a renewed increase in coronavirus infections and consequent restrictions. Year-on-year, the economy shrank 1 percent in the first quarter of the year, easing from a downwardly revised 4.9 percent contraction and marking the fifth consecutive quarter of declines in annual GDP.
2021-04-29
Belgium Economy Unexpectedly Contracts in Q4
Belgium's GDP shrank 0.1% on quarter in the three months to December 2020, compared to earlier estimates of a 0.2% advance and following an 11.6% expansion in Q3. Households’ consumption expenditure dropped by 5.6%, while their investment increased by 2.1%. On the general government side, there was a decline in consumption expenditure (-3.1%), partly as a result of the slowdown in non-essential activities in the health care sector (operations, routine consultations, etc.). Meantime, public investment was up by 4.0%, due to higher spending of the Ministry of Defence. Business investment rose by 4.6%, and net foreign demand contributed positively to growth, as exports rose by 3.8% while imports went up at a softer 2%. Considering 2020, the economy contracted 6.3%, the steepest since the end of the Second World War and more than three times bigger than that seen during the great recession (-2.0%) of 2009.
2021-03-01
Belgium GDP Grows 0.2% QoQ in Q4
Belgium’s GDP grew by 0.2 percent on quarter in the three months to December 2020, following an upwardly revised 11.6 percent advance in the previous period, preliminary estimates showed. Value added was up in industry (4.7 percent) and in construction (3.3 percent), while it dropped back by 0.6 percent in services. Year-on-year, the economy shrank 4.8 percent, more than a 4.3 percent drop in Q3. Considering the whole 2020, the economy contracted 6.2 percent, a decline more than three times as big as that seen during the great recession (-2 percent) in 2009 and after a 1.7 percent expansion in 2019.
2021-01-29
Belgium Q3 GDP Rebounds More than Initially Thought
Belgium's gross domestic product grew by 11.4 percent on quarter in the three months to September 2020, rebounding from a record 11.8 percent contraction in Q2 and above preliminary estimates of a 10.7 percent expansion. It was the strongest growth rate since the first quarter of 1995, as the economy continues to recover from the coronavirus crisis. Household consumption (16.4 percent vs -11.6 percent in Q2); gross fixed capital formation (10.7 percent vs -17.7 percent) and government expenditure (8.3 percent vs -5.9 percent) rebounded. Meantime, foreign demand contributed negatively to growth, as exports rose 13.3 percent (vs -14.2 percent) and imports increased at a faster 14.3 percent (vs -14.3 percent). Year-on-year, the economy shrank 4.5 percent, easing from a 13.9 percent contraction in Q2 and less than earlier estimates of a 5.2 percent fall.
2020-11-30

Belgium GDP Growth Rate
In Belgium, household consumption is the main component of GDP and accounts for 52 percent of its total use, followed by government expenditure (25 percent) and gross fixed capital formation (23 percent). Exports of goods and services account for 84 percent of GDP while imports account for 83 percent, adding 1 percent of total GDP.