The output of electrical equipment in Belgium has shown a notable decline over the past decade. Starting from a value of €3.91 billion in 2013, there has been a steady decrease, reaching €2.66 billion in 2023. The year-on-year analysis illustrates significant drops, particularly in 2016 (-15.62%) and 2021 (-11.46%), with occasional upticks like in 2017 (6.09%) and 2019 (7.16%). The last two years witnessed declines of 4.53% in 2022 and 4.69% in 2023. Over the last 5 years leading up to 2023, the Compound Annual Growth Rate (CAGR) was -4.14%.
Looking ahead, the output is forecasted to continue its downward trend, declining to €2.03 billion by 2028. The 5-year forecast CAGR is projected at -4.34%, with an overall growth rate of -19.89% over this period. Future trends to watch for include advancements in technology, shifts in global supply chains, and potential policy changes related to energy and manufacturing that may impact this sector.
