Forecast: Output of Financial Services in Belgium

The financial services sector in Belgium demonstrated consistent growth from 2013 to 2023, with a peak output of 60.18 billion Euros in 2023. The year-on-year growth varied significantly, peaking at 7.92% in 2015 and dropping to -0.86% in 2020, likely due to global disruptions. Over the last two years (2022-2023), the sector saw moderate growth rates of 2.66% and 2.57%. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 2.26%, indicating steady growth.

Future projections suggest continued growth, albeit at a slightly reduced rate, with a forecasted 5-year CAGR of 1.82%, aiming to reach 67.49 billion Euros by 2028, reflecting an overall growth rate of 9.44% over this period.

Future trends to watch for:

• Impacts of digital transformation and fintech innovation on traditional financial services.
• Regulatory changes and their effects on the financial sector.
• Economic influences such as inflation rates and global market conditions.
• Consumer behavior shifts, especially in the adoption of new financial technologies.