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.