Forecast: Financial Services and Insurance Output in Belgium

The financial services and insurance output in Belgium showed a steady increase from 2013 to 2023, achieving a value of 65.93 billion Euros in 2023. Historical year-on-year variations indicate periods of strong growth, with notable peaks in 2017, 2021, and 2022, each exceeding 5%. However, 2020 was an anomaly with a slight decline of -0.86%, likely impacted by external economic factors. The CAGR over the last five years up to 2023 stands at 4.14%, reflecting sustained medium-term growth despite short-term fluctuations.

Future forecasts predict continued growth, with the financial services and insurance sector expected to reach 76.5 billion Euros by 2028. The forecasted CAGR from 2023 to 2028 is 2.36%, indicating a moderate but stable upward trajectory. This translates to an expected overall growth rate of 12.36% over the next five years.

Trends to watch for:

• Digital transformation in financial services leading to increased efficiency and innovative products.
• Evolving regulatory frameworks and their impact on market dynamics.
• Economic impacts of global instability and their potential to introduce new risks.
• Shifts in consumer behavior towards more sustainable and tech-driven financial solutions.