Belgium's gross domestic product rose 1.4 percent on quarter in the three months to June of 2021, gaining momentum from an upwardly revised 1.1 percent expansion in the previous period but slower than market expectations of a 1.5 percent growth, according to preliminary estimates. Value added was seen climbing 1.1 percent in industry, 1.4 percent in services, and 0.5 percent in construction. Year-on-year, the economy hiked 14.5 percent in the second quarter of the year, the steepest increase since the fourth quarter of 1995 and rebounded from a downwardly revised 0.5 percent decline. 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 July of 2021.

GDP Growth Rate in Belgium is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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
1.40 1.10 15.80 -11.90 1980 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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%
2021-05-31 09:00 AM QoQ Final Q1 1% -0.1% 0.6% 0.6%
2021-07-29 09:00 AM QoQ Adv Q2 1.4% 1.1% 1.5% 1.2%
2021-08-31 09:00 AM QoQ Final Q2 1.0%
2021-10-28 10:00 AM QoQ Adv Q3 1.4%
2021-11-30 10:00 AM QoQ Final Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Belgium GDP Grows Slightly Less than Expected in Q2
Belgium's gross domestic product rose 1.4 percent on quarter in the three months to June of 2021, gaining momentum from an upwardly revised 1.1 percent expansion in the previous period but slower than market expectations of a 1.5 percent growth, according to preliminary estimates. Value added was seen climbing 1.1 percent in industry, 1.4 percent in services, and 0.5 percent in construction. Year-on-year, the economy hiked 14.5 percent in the second quarter of the year, the steepest increase since the fourth quarter of 1995 and rebounded from a downwardly revised 0.5 percent decline.
2021-07-29
Belgian Economy Expands Faster than Expected
The Belgian economy expanded by 1.0 percent on quarter in the first three months of 2021, faster than earlier estimates of a 0.6% growth and rebounded from a 0.1 percent contraction in the prior period. Economic activity resumed its approach to pre-pandemic levels, driven by households' consumption expenditure (0.9 percent vs -6.4 percent in 4Q 2020). Also, net foreign demand continued to support the economy, as imports fell 1.3 percent, while exports went down a slower 0.5 percent. At the same time, general government expenditure increased at a faster pace (1.3 percent vs 0.3 percent). Finally, gross fixed capital formation continued to grow (2.5 percent vs 3.7 percent), mostly public investment (4.4 percent vs 2.4 percent) and household investment (2.7 percent vs 1.8 percent). On a yearly basis, the country’s GDP retreated 0.6 percent in the three months ending March, easing from a downwardly revised 4.9 percent contraction in the previous quarter.
2021-05-31
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 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.