A forecast released by the Flemish statistics bureau Statistiek Vlaanderen predicts that our region’s economy will grow by 1.4% this year. A growth figure of 1.4% is higher than the average for the EU and higher than the growth figure forecast for the Brussels-Capital and Walloon regions.
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Flemish economy predicted to grow by 1.4% during 2023
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For next year Statistiek Vlaanderen forecasts economic growth to increase to 1,7% of GDP thanks to a predicted improvement in the global economy. Industry in particular is expected to benefit from this.
Previous forecasts from Statistiek Vlaanderen had predicted 1.3% economic growth in our region this year. However, the fall in inflation during the early part of the year has served to increase economic growth and the forecast has now been revised upwards.
Business services, construction and the production of equipment such as machines are the motors driving economic growth in Flanders.
The forecast of 1.4% growth for 2023 means that Flanders is forecast to do slight better than the Brussels-Capital Region (1.3% economic growth forecast for 2023) and much better than Wallonia (0.9% growth forecast). If the forecast is correct Flanders will perform better than the average for the EU as whole.
In 2020 the Flemish economy shrank by almost 5% due to the pandemic. The economy recovered strongly in 2021 with a growth figure of 6.7% of GDP. Last year the recovery continued. Despite the war in Ukraine and soaring inflation our egion’s economy grew by 3.3% in 2022.