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.