Belgium's gross domestic product shrank 4.8 percent year-on-year in the fourth quarter of 2020, following a downwardly revised 4.3 percent contraction in Q3, a preliminary estimate showed. Considering the whole 2020, the economy contracted 6.2 percent, a decline more than three times as big as that seen during the great recession (-2 percent) in 2009 and after a 1.7 percent expansion in 2019. source: National Bank of Belgium

GDP Annual Growth Rate in Belgium averaged 2.08 percent from 1981 until 2020, reaching an all time high of 19.40 percent in the first quarter of 1995 and a record low of -13.90 percent in the second quarter of 2020. This page provides - Belgium GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Belgium GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

GDP Annual Growth Rate in Belgium is expected to be 2.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Belgium to stand at 3.20 in 12 months time. In the long-term, the Belgium GDP Annual Growth Rate is projected to trend around 2.20 percent in 2022, according to our econometric models.

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Belgium GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.80 -4.30 19.40 -13.90 1981 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-08-31 09:00 AM YoY Final Q2 -14.4% -2.4% -14.5% -14.5%
2020-10-29 10:00 AM YoY Adv Q3 -5.2% -13.9% -5.8%
2020-11-30 10:00 AM YoY Final Q3 -4.5% -13.9% -5.2%
2021-01-29 10:00 AM YoY Adv Q4 -4.8% -4.3% -3.7%
2021-03-01 10:00 AM YoY Final Q4 -4.3% -4.8% -4.8%
2021-04-29 09:00 AM YoY Adv Q1
2021-05-28 09:00 AM YoY Final Q1
2021-07-29 09:00 AM YoY Adv Q2

Belgium GDP Annual 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.