From 2013 to 2023, the value added by business services in Belgium experienced a steady growth, starting at 184.3 billion euros and rising to 251.95 billion euros by 2023. The year-on-year variation has generally been positive, with the most significant annual increases occurring between 2014 and 2016. Although growth slowed slightly between 2020 and 2023, it remained stable with an average CAGR of 2.42% over the last five years.
Key trends observed over this period include:
- Consistent annual growth ranging from 1.82% to 4.6%.
- A dip in growth during 2020 likely due to global economic challenges.
- Steady recovery and continuation of growth in the subsequent years.
Looking ahead to the forecasted period from 2024 to 2028, the value added is expected to continue growing but at a slower rate, with a CAGR of 1.47%. Future trends to watch for include potential impacts of technological advancements, regulatory changes, and economic shifts on the business services sector in Belgium.
