Belgian Travel and Tourism Industry’s Total Contribution to the Country’s GDP Stood at 5.9% in 2014

Date: 2015-10-20

“• In terms of buildings permits, there has been clear evidence of an expansion in residential and non-residential construction, according to the latest data from the National Bank of Belgium (NBB). The total number of building permits issued in the country grew by 5.6%, increasing from 28,280 permits in 2013 to 29,860 permits in 2014. Of the total building permits, 25,403 permits were issued for residential buildings in 2014, while 4,457 were issued for non-residential buildings.

• To increase the country’s regional competitiveness, create jobs in the country and support economic growth, the government is planning to upgrade the country’s broadband network under the Digital Belgium plan, which will support the construction industry’s growth over the forecast period.

• The Belgian construction industry is expected to be supported by EU funds to help develop the country’s infrastructure. EIB investments in the country grew by 29% in 2014, going from EUR1.6 billion (US$2.1 billion) in 2013 to EUR2 billion (US$2.7 billion) in 2014. Indeed, the EIB invested EUR7.6 billion (US$10.1 billion) in Belgium between 2010 and 2014, in the areas of water, sewage and urban development, education, healthcare, transport and telecommunication.

• After a short decline in the first half of 2014, property prices in the country are rising again. According to Statistics Belgium, the average house price index in the country grew by 2.2%, going from 105.9 in the first half of 2014 to 108.2 in the second. This was preceded by annual growth of 1.2% and 2.2% in 2013 and 2012 respectively.

• According to the World Travel and Tourism Council (WTTC), the Belgian travel and tourism industry’s total contribution to the country’s GDP stood at 5.9% in 2014. The industry also accounted for 6.4% of the country’s total employment in 2014. The Belgian travel and tourism industry’s total contribution to GDP is expected to increase to 6.5% by 2025, going from EUR23.9 billion (US$31.7 billion) in 2014 to value EUR31.5 billion (US$41.8 billion) in 2025. Moreover, according to the WTTC, the country’s travel and tourism industry is expected to attract EUR2.8 billion (US$3.7 billion) in capital investments by 2025. This will help support growth in the leisure and hospitality buildings category over the forecast period.”

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