Forecast: Financial Services and Insurance Gross Value Added in Belgium

The financial services and insurance sector in Belgium experienced various fluctuations from 2013 to 2023. There was a slight decline in 2013, followed by a notable increase in 2014 and steady growth peaking in 2016 and 2017. From 2018 onwards, the Gross Value Added displayed a mixed trend with minor upticks and downturns.

In recent years, the sector saw a decline from 2020 to 2022 attributed partly to global disruptions, followed by a slight recovery in 2023 to 5.5 Units of GDP. Year-on-year variations highlight these trends with a decrease of 5.26% in 2022 and a rebound of 1.85% in 2023. The CAGR over the last five years shows an average decline of 1.06% per year.

Future trends to watch for:

• Stabilization of the Gross Value Added at 5.5 Units of GDP from 2024 to 2028.
• Impact of technological advancements and digitalization in financial services.
• Regulatory changes and their implications for the sector's growth.
• Economic recovery post-pandemic and geopolitical influences on the financial market.