Belgium’s GDP shrank 3.6 percent on quarter in the first three months of 2020, below a preliminary estimate of 3.9 percent and after expanding 0.5 percent in the previous period. It was the first quarterly contraction since Q1 2013 and the sharpest on record, amid the coronavirus crisis. Household consumption shrank 6.5 percent, following a 0.5 percent growth in the prior quarter; and government expenditure declined 3.1 percent, after increasing 0.5 percent. Also, gross fixed capital formation dropped 3.7 percent, after expanding 0.5 percent in the last quarter of 2019. Foreign demand contributed negatively to the GDP, as exports fell 3.8 percent (vs 0.9 percent in Q4 2019) and imports decreased at a faster 4.7 percent (vs 1.1 percent in Q4 2019). Year-on-year, the economy shrank 3.6 percent, the most Q2 2009, below a preliminary estimate of 3.9 percent and following a 0.5 percent growth in the prior period.
GDP Growth Rate in Belgium averaged 0.53 percent from 1980 until 2020, reaching an all time high of 15.80 percent in the first quarter of 1995 and a record low of -3.60 percent in the first 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 July of 2020.
GDP Growth Rate in Belgium is expected to be 8.50 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 0.90 in 12 months time. In the long-term, the Belgium GDP Growth Rate is projected to trend around 0.30 percent in 2021 and 0.50 percent in 2022, according to our econometric models.