The production of agriculture, forestry, and seafood in Belgium was valued at 11.28 Billion Euros in 2023. Over the past decade, the sector has experienced fluctuations, with significant dips in 2014 and 2020 but overall a positive trend. From 2013 to 2023, significant annual variations include a considerable decline in 2020 (-16.95%) followed by a robust recovery of 16.05% in 2021 and continual growth in subsequent years. The five-year CAGR leading up to 2023 stands at 2.02%, indicating steady growth.
Looking forward, the forecast from 2024 to 2028 suggests a continued upward trajectory, with annual growth rates maintaining a steady increase. The forecasted five-year CAGR from 2024 to 2028 is projected at 1.04%, leading to a 5.3% growth rate over the period, pointing towards sustained, albeit gradual, improvement in the sector.
Future trends to watch for:
- Impact of technological advancements and sustainable practices on production efficiency.
- Government policies and subsidies affecting the sector.
- Global market dynamics and trade agreements influencing export potential.
- Climate change and environmental factors impacting yield and production cycles.
