Belgium's gross domestic product grew by 11.4 percent on quarter in the three months to September 2020, rebounding from a record 11.8 percent contraction in Q2 and above preliminary estimates of a 10.7 percent expansion. It was the strongest growth rate since the first quarter of 1995, as the economy continues to recover from the coronavirus crisis. Household consumption (16.4 percent vs -11.6 percent in Q2); gross fixed capital formation (10.7 percent vs -17.7 percent) and government expenditure (8.3 percent vs -5.9 percent) rebounded. Meantime, foreign demand contributed negatively to growth, as exports rose 13.3 percent (vs -14.2 percent) and imports increased at a faster 14.3 percent (vs -14.3 percent). Year-on-year, the economy shrank 4.5 percent, following a 13.9 percent contraction in Q2 and less than earlier estimates of a 5.2 percent fall. source: National Bank of Belgium

GDP Growth Rate in Belgium averaged 0.53 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 -11.80 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 December of 2020.

GDP Growth Rate in Belgium is expected to be -2.70 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
11.40 -11.80 15.80 -11.80 1980 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 10.7% -11.8% 8.9% 8.5%
2020-11-30 10:00 AM QoQ Final Q3 11.4% -11.8% 10.7%
2021-01-29 02:00 PM QoQ Adv Q4 11.4%
2021-03-01 02:00 PM QoQ Final Q4 11.4%
2021-04-29 09:00 AM QoQ Adv Q1
2021-05-28 09:00 AM QoQ Final Q1


News Stream
Belgium Q3 GDP Rebounds More than Initially Thought
Belgium's gross domestic product grew by 11.4 percent on quarter in the three months to September 2020, rebounding from a record 11.8 percent contraction in Q2 and above preliminary estimates of a 10.7 percent expansion. It was the strongest growth rate since the first quarter of 1995, as the economy continues to recover from the coronavirus crisis. Household consumption (16.4 percent vs -11.6 percent in Q2); gross fixed capital formation (10.7 percent vs -17.7 percent) and government expenditure (8.3 percent vs -5.9 percent) rebounded. Meantime, foreign demand contributed negatively to growth, as exports rose 13.3 percent (vs -14.2 percent) and imports increased at a faster 14.3 percent (vs -14.3 percent). Year-on-year, the economy shrank 4.5 percent, easing from a 13.9 percent contraction in Q2 and less than earlier estimates of a 5.2 percent fall.
2020-11-30
Belgium Q3 GDP Rebounds More than Expected
Belgium's gross domestic product grew by 10.7 percent on quarter in the three months to September 2020, rebounding from a downwardly revised record 11.8 percent contraction and above market expectations of an 8.9 percent expansion, a preliminary estimate showed. It was the strongest growth rate since the first quarter of 1995, as the economy continues to recover from the coronavirus crisis. Initial estimates suggest an increase in value added compared with the previous quarter of 12 percent in industry, 18 percent in construction and 9.9 percent in services. Year-on-year, the economy shrank 5.2 percent in the third quarter of the year, easing from a downwardly revised record contraction of 13.9 percent.
2020-10-29
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 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.