Belgium's gross domestic product rose 1.7 percent on quarter in the three months to June of 2021, gaining momentum from a 1.1 percent expansion in the previous period and faster than early estimates pointing to a 1.4 percent advance. Economic growth was mainly driven by consumer spending (3.5 percent vs 1.1 percent in Q1) and government spending (3.5 percent vs 0.7 percent). Meanwhile, gross fixed capital formation eased (1.6 percent vs 2.7 percent), mostly slowed by household investment (0.8 percent vs 3.1 percent). In contrast, net foreign demand decreased (-0.3 percent vs 0.7 percent), as exports rose 2.7 percent (vs -0.2 percent in Q1) but imports went up a faster 3.1 percent (vs -1.1 percent in Q1). Year-on-year, the Belgian GDP surged an upwardly revised 14.9 percent in the second quarter of the year, the steepest increase since the last quarter of 1995 and rebounded from a 0.5 percent decline. source: National Bank of Belgium
GDP Growth Rate in Belgium averaged 0.54 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 October 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.