Flemish economy expected to grow by 1.4 per cent in 2023, outperforming European average

The Flemish economy is expected to grow by 1.4 per cent this year, above the European average and outperforming Brussels and Wallonia, according to Statistics Flanders. For 2024, an acceleration to 1.7 per cent growth is expected due to the international economy improving.

Statistics Flanders previously expected a 1.3 per cent increase, but because inflation slowed down a bit at the beginning of this year, the economy could recover even faster. Business services, construction and equipment manufacturing (including machinery, ed.) are the engines of growth.

Flanders slightly outperforms Brussels and Wallonia, whose economies are predicted to grow by 1.3 per cent and 0.9 per cent respectively. The Flemish region also outperforms the European average of 1 per cent. The strongest growth is forecast for Ireland and Malta, while Sweden and Estonia could experience an economic contraction.

In 2020, the Flemish economy shrank by almost 5 per cent due to the COVID-19 pandemic. The economy recovered from that slump with a growth rate of 6.7 per cent in 2021. This process continued in 2022 with a 3.3 per cent increase, despite the war in Ukraine and high inflation.

^{#FlandersNewsService | The port of Antwerp. © BELGA PHOTO DIRK WAEM}