The production value of passenger air transport in Belgium displayed notable fluctuations from 2014 to 2023, starting at 2.55 billion Euros in 2014 and reaching 3.53 billion Euros in 2023—a 19.08% increase from the previous year. Significant volatility is visible in the data, marked by an impressive 56.7% jump in 2019, followed by a 63.07% drop in 2020 due to the pandemic. Over the past five years, the compound annual growth rate (CAGR) stands at 8.23%, reflecting a robust recovery trajectory.
- 2014-2015: Minor decline of 2.6%.
- 2015-2018: Moderate fluctuations with decreases and increases, notably a 17.15% drop in 2018.
- 2018-2019: Significant growth of 56.7% in 2019.
- 2019-2020: Severe decline of 63.07% due to the COVID-19 pandemic.
- 2020-2022: Strong recovery with growth rates of 61.95% in 2021 and 33.09% in 2022.
- 2022-2023: Continued positive trend with a 19.08% increase in 2023.
Future trends to watch for include sustained growth in the production value of passenger air transport, with a forecasted CAGR of 2.76% over the next five years. Industry stakeholders should monitor economic conditions, advancements in aviation technology, and changing customer preferences to better navigate this growth trajectory.
