Belgium's gross domestic product shrank by a record 12.1 percent on quarter in the three months to June 2020, entering a recession, as non-essential businesses were forced to close and people to stay at home due to the coronavirus pandemic. Household consumption plunged 12.7 percent and fixed investment dropped 18.2 percent due to lower investment in business (-19.9 percent) and housing (-15.7 percent). At the same time, public spending declined 8.3 percent, while net external demand contributed positively to the GDP as imports fell more than exports. On the production side of the accounts, the construction sector suffered the biggest contraction (-13.4 percent), followed by industry (-12.9 percent) and services (-11.5 percent).

GDP Growth Rate in Belgium averaged 0.45 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 -12.10 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 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 0.80 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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Belgium GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.10 -3.50 15.80 -12.10 1980 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-29 09:00 AM QoQ Adv Q1 -3.9% 0.5% -3% -2.7%
2020-05-29 09:00 AM QoQ Final Q1 -3.6% 0.5% -3.9% -3.9%
2020-07-30 09:00 AM QoQ Adv Q2 -12.2% -3.5% -12% -10.3%
2020-08-31 09:00 AM QoQ Final Q2 -12.1% -3.5% -12.2% -12.2%
2020-10-29 10:00 AM QoQ Adv Q3 -12.1% 8.9% 8.5%
2020-11-30 10:00 AM QoQ Final Q3 -12.1% 8.5%


News Stream
Belgium Economy Suffers Historic Contraction
Belgium's gross domestic product shrank by a record 12.1 percent on quarter in the three months to June 2020, entering a recession, as non-essential businesses were forced to close and people to stay at home due to the coronavirus pandemic. Household consumption plunged 12.7 percent and fixed investment dropped 18.2 percent due to lower investment in business (-19.9 percent) and housing (-15.7 percent). At the same time, public spending declined 8.3 percent, while net external demand contributed positively to the GDP as imports fell more than exports. On the production side of the accounts, the construction sector suffered the biggest contraction (-13.4 percent), followed by industry (-12.9 percent) and services (-11.5 percent).
2020-08-31
Belgium Economy Shrinks at Record Pace in Q1
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.
2020-05-29
Belgium Economy Contracts at Record Pace in Q1
Belgium’s GDP contracted 3.9 percent on quarter in the three months to March 2020, after expanding 0.5 percent in the previous period and worse than market expectations of a 3 percent decline, preliminary estimates showed. It was the first quarterly contraction since Q1 2013 and the deepest since series began in 1980 Q2 as a result of the covid-19 crisis. Value added was down on the previous quarter by 3.5 percent in industry, by 6.6 percent in construction and by 3.6 percent in services. Year-on-year, the GDP shrank 2.8 percent, the most since Q3 2009 and following a 1.3 percent advance in the previous quarter.
2020-04-29
Belgium GDP Growth Confirmed at 0.4% QoQ
Belgium’s GDP expanded 0.4 percent on quarter in the three months to December 2019, the same as in the previous period and in line with preliminary estimates. Household consumption (0.5 percent vs 0.7 percent in Q4) and gross fixed capital formation (0.1 percent vs 0.4 percent) slowed while government expenditure rose faster (1.1 percent vs 0.5 percent). Also, foreign demand contributed negatively to growth, as exports rose 0.6 percent (vs -0.4 percent) and imports increased at a faster 0.9 percent (vs -0.3 percent). Year-on-year, the GDP advanced 1.2 percent, slowing from a 1.6 percent expansion in the previous period and also matching earlier estimates. It was the lowest annual GDP growth since Q2 2014. Considering 2019, the economy advanced 1.4 percent, the least since 2013 and below a 1.5 percent gain in 2018
2020-02-28

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.