The Flemish economy is expected to grow by 2.8 percent this year

The Flemish economy is expected to grow by 2.8 percent this year
Credit: Belga

The Flemish economy is expected to grow by 2.8% this year, according to Statistiek Vlaanderen, the region's statistics office.

However, growth is expected to slow to 1.3 % next year, due to the war in Ukraine and inflation, which have a negative impact on private consumption and exports.

Statistiek Vlaanderen predicts that the Flemish economy will grow faster than that of Brussels (2.1%) and Wallonia (2.5%). The region's projected growth for this year is slightly above the European average (2.7%).

Flemish growth is strongest in the sectors of transport and communication, health care and social services, business services and the production of equipment goods, Statistiek Vlaanderen notes on its website.

Private consumption is still benefiting from the upturn that started in 2021, but further recovery is hampered by the war in Ukraine and inflation.

Flanders experienced 7% economic growth in 2021, after a sharp slump in 2020 (-5.5%) caused by the coronavirus pandemic.

In the years 2014-2019, the region's growth hovered around 2 percent or just above. In recent years, growth has been influenced mainly by a real increase in labour productivity. Up to 2019, employment trends played a greater role.


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