The real gross domestic product (GDP) of Belgium increased by 3.1% in volume last year, according to statistics published by the National Bank of Belgium and the National Accounts Institute on Tuesday.
In the fourth quarter of 2022, economic growth was almost zero, at +0.1% compared to the previous quarter. Compared to the same period in 2021, growth was +1.4%.
Compared to the third quarter of 2022, the value added industry fell by 1% in the final quarter, while added value grew by 0.2% for services. Growth in gross product from the construction sector accelerated, reaching +1%.
Households generally spent more at the end of last year (+1.1%), mostly on non-durable goods (packaged foods, cosmetics, beverages, clothing, etc). Housing investment dropped by 2.4%, government investment fell by 5.4%, and government consumption expenditure rose by 0.9%.
Businesses again invested more last year, with their investment increasing by 0.5% in the fourth quarter, after a decline recorded for the two previous quarters. Exports and imports of goods and services fell by 0.7% in the last quarter of 2022.
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Over the year as a whole, real GDP growth stood at +3.1%, against 6.1% in 2021. Growth in services resulted in an added value of 4.2%, while industry fell by 0.3% and construction remained stable. Household consumption expenditure increased by 4.3% and investment in housing rose by 1.6%.
Consumption from the government grew by 1.4%, but public investment dropped by 6.9%. Business investment also contracted by 1.7%. In 2022, the volume of exports also increased more (+4.6%) than for imports (+4.2%).
Employment increased by an average of 99,500 people (+2%) last year, similar to growth observed in 2021.
