Forecast: Accommodation and Food Services Output in Belgium

The Accommodation and Food Services Output in Belgium displayed a steady growth from 2013 to 2019, with annual variations of around 3% to 5%, peaking in 2019 at 20 Billion Euros. However, the sector faced a significant downturn in 2020 due to the pandemic, resulting in a 35.59% decline. The subsequent recovery was notable, with a 47% increase in 2022. The output reached 19.16 Billion Euros in 2023, marking a 19.02% decrease from the previous year. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) was modest at 0.11%. Forecasts from 2024 suggest a gradual recovery, with a projected CAGR of 1.46% over the next five years, reaching 21 Billion Euros by 2028.

Future trends to watch for include potential impacts from economic fluctuations, changes in consumer behavior post-COVID, and the influence of environmental sustainability practices within the industry. The sector could benefit from innovations in service delivery and technology adoption to enhance efficiency and attractiveness to customers.