The commercial industrial gas market in Belgium is estimated to have generated revenues of $1.01bn in 2018. This is up from around $868m in 2008, indicating an average annual growth rate of 1.5% for the decade.
Between 2008 and 2018 GDP remained very flat and grew by an average of 2.5% p.a. if adjusted for inflation. An advanced economy with a high standard of living, Belgium has a well-developed free market economy, based on both industrial and service sectors.
Industrial production (as measured by IPI) has followed a similar trend to the wider economy over the course of the past decade. However, the growth of industrial production was badly hit by the financial crisis, with a decline of -10.3% in 2009. Furthermore, industrial production in Belgium has seen decent growth in the past 2 years, 1.68% in 2017 and 1.67% in 2018.
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