Over the past decade, Belgium's insurance and financial services exports have displayed notable variability. From 2013 to 2023, there were several fluctuations resulting in an overall mixed pattern of growth and decline. In 2023, the exports stood at 9.52 units, showing a year-on-year increase of 7.49%. In recent years, from 2018 to 2023, the Compound Annual Growth Rate (CAGR) was 1.14%, indicating modest growth. Significant growth periods include 2017 with a 10.46% increase and 2020 with a 10.09% rise. Contrarily, 2022 experienced a downturn with a decline of 9.26%.
Looking ahead, the forecast for 2024 to 2028 indicates a steady but slow growth trajectory with a 5-year CAGR projected at 0.48% and an overall growth rate of 2.42% by 2028. This suggests a return to stability and moderate expansion despite previous volatility.
Future trends to watch for include:
- Technological advancements in financial services which could boost efficiency and exports.
- Regulatory changes within the EU and globally impacting the ease of cross-border financial services.
- Economic conditions influencing demand for insurance and financial products abroad.
- Brexit's ongoing effects and the shifting dynamics of EU trade relationships.
