Between 2013 and 2019, the accommodation and food services output in Belgium saw steady growth, with annual increases ranging from 2.97% to 5.86%. This growth was followed by a significant decline in 2020, a 35.59% drop due to the COVID-19 pandemic, hitting 12.88 Billion Euros. The sector partially recovered in 2021 with a 24.94% increase, continuing to surge by 47% in 2022. However, 2023 saw a notable decrease of 19.05%, bringing the output to 19.15 Billion Euros. Over the past five years, the Compound Annual Growth Rate (CAGR) was modest at 0.1%.
Future forecasts until 2028 project a gradual recovery and stabilization, with the estimated output reaching 20.99 Billion Euros, representing an average CAGR of 1.45%. The overall forecasted growth rate over this period is around 7.48%.
Trends to watch:
- Post-pandemic recovery patterns and their sustainability in the accommodation and food services sector.
- Impact of inflation and potential economic headwinds on consumer spending in this sector.
- Technological advancements enhancing efficiency and customer experience.
