Economic growth in Belgium’s three regions is expected to remain steady over the next few years, the Federal Planning Bureau and regional statistical institutes forecast in their 2024-2029 outlook.
The Planning Bureau had already released economic expectations for Belgium in June, predicting a consistent growth of 1.4% in 2024, and 1.3% to 1.4% annually between 2025 and 2029. These figures are now being fine-tuned by region with the help of regional statistical institutes, including IBSA, Statistiek Vlaanderen and Iweps.
Similar results are found across the board, with economic growth expected to stabilise in the coming years. However, Brussels’ Gross Domestic Product (GDP) is expected to rebound this year, growing by 1.4%, compared to 0.7% in 2023. In Wallonia, economic growth is projected to settle at 1.3%, while in Flanders, it may decline slightly from 1.6% to 1.4%.
Between 2025 and 2029, the Flemish GDP should grow by an average of 1.5% per year, slightly higher than that of Wallonia (+1.3%) and Brussels (+1%). The more significant contribution of market services in Flanders might account for this higher growth rate, according to the institutes.
In terms of employment, the growth rate in all three regions is predicted to slow down in the 2023 – 2024 period, but bounce back in 2025. From 2026 onwards, it should remain stable, with higher growth in Flanders (+1%) than in Wallonia (+0.7%) and the capital (+0.4%).
