The production volumes of chemical and pharmaceutical products in Belgium, measured in Billion Euros, have seen significant fluctuations over the years. The year 2020 marked a notable dip with a -16.61% year-on-year decrease, primarily due to the COVID-19 pandemic. However, a robust recovery was observed in 2021 with a 34.47% increase. This positive trend continued with a modest 1.37% increase in 2023. The Compound Annual Growth Rate (CAGR) for the last five years up to 2023 stands at 1.94%.
Looking ahead, forecasted data indicates steady growth from 2024 onwards, with a forecasted CAGR of 1.04% over the next five years. This suggests a stable upward trend, albeit at a slower growth rate compared to historical data.
Future trends to watch for include:
- Technological advancements in chemical and pharmaceutical production.
- Potential impacts of regulatory changes within the EU.
- Global supply chain dynamics and their influence on production stability.
