Production in the Manufacture of Agricultural and Forestry Machinery Sector in Belgium showed significant fluctuations over the period from 2013 to 2023. In 2023, the sector stood at 1.86 billion Euros. Key highlights include a notable increase of 27.26% in 2014, a sharp decline of 10.38% in 2015, and a smoother trajectory with minor annual variations between 2017 and 2023.
The year-on-year variation for the sector averaged 3.03% in 2023, demonstrating growth optimism. The Compound Annual Growth Rate (CAGR) over the last five years was 2.45%, showcasing steady growth despite minor setbacks like the drop in 2020 (-8.52%) and a subsequent rebound in 2021 (8.54%).
Looking forward, the forecast for the next five years shows a CAGR of 2.12%, with anticipated growth of 11.04% by 2028. This underscores a promising upward trend in production value. Future trends to watch include technological advancements in machinery, increased automation, and sustainability initiatives driving sector innovations.
