The value added by the Wholesale, Retail Trade, Restaurants, and Hotels sector in Belgium showed a fluctuating trend from 2013 to 2023. It reached 66.121 billion USD in 2013 and progressively increased to 67.573 billion USD in 2014. However, it experienced a significant drop in 2015, hitting 57.583 billion USD. Some recovery occurred in the following years with minor increases until 2019 which saw a value of 60.72 billion USD. The sector faced its sharpest decline in 2020, largely due to the pandemic, dropping to 50.673 billion USD. A strong rebound was observed in 2021 with a value of 61.377 billion USD. For 2023, the value stood at 62.008 billion USD.
Year-on-year variations highlight notable fluctuations: a sharp decrease of 16.55% in 2020, a significant growth of 21.12% in 2021, and a stable growth around 0.5% in 2022 and 2023. The last five years' CAGR prior to 2023 averaged at 0.53%, showing a relatively stable but slow growth trend.
Looking ahead, the forecast indicates a gradual increase from 62.351 billion USD in 2024 to 63.64 billion USD by 2028, with a forecasted 5-year CAGR of 0.41% and a total growth rate of 2.07% over these five years. This points to a steady but measured growth trajectory for the sector.
Future trends to watch for include the potential impact of digital transformation in retail, shifts in consumer behavior towards e-commerce, ongoing recovery from the pandemic effects on the hospitality industry, and economic policies affecting trade and tourism. Additionally, the influence of sustainability practices and innovations in these sectors will be crucial in shaping future growth patterns.
