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.

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Belgium GDP Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-29 09:00 AM QoQ Adv Q2 1.4% 1.1% 1.5% 1.2%
2021-08-30 09:00 AM QoQ Final Q2 1.7% 1.1% 1.4%
2021-10-28 09:00 AM QoQ Adv Q3 1.7% 1.8% 1.4%


News Stream
Belgium GDP Growth Beats Early Estimates in Q2
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.
2021-08-30
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 Last Unit Reference Previous Highest Lowest
GDP Growth Rate 1.70 percent Jun/21 1.10 15.80 -11.90
GDP Annual Growth Rate 14.90 percent Jun/21 -0.50 19.40 -14.00
GDP Constant Prices 109446.00 EUR Million Jun/21 107605.00 111572.00 71093.00
Gross National Product 118660.20 EUR Million Mar/21 118052.00 125911.80 21890.00
Gross Fixed Capital Formation 27800.00 EUR Million Jun/21 27372.00 27800.00 6663.00
GDP From Services 17261.00 EUR Million Jun/21 16400.00 19122.00 13837.00
GDP From Public Administration 14477.00 EUR Million Jun/21 13835.00 14881.00 10357.00
GDP From Manufacturing 16725.00 EUR Million Jun/21 16424.00 16725.00 11486.00
GDP From Construction 5774.00 EUR Million Jun/21 5209.00 5864.00 2647.00
GDP From Agriculture 919.00 EUR Million Jun/21 622.00 919.00 270.00


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.