Belgium Freight Transport Report Q1 2016
BMI View: Belgium's freight transport sector will continue to grow in 2016 as the domestic and widereconomic climate is strengthening, improving trade and consumer demand. Real GDP growth is forecast at1.6% in 2016, up from the previous estimate of 1.3%. Air freight will witness the sharpest increase, due toan increase in output in the pharmaceutical sector as well as from demand for high value consumer goods.
Road and rail freight will also have steady growth due to small increases in heavy industry output. Roadfreight will continue to dominate the freight sector in Belgium given the established nature of the freightmode with developed highways and trans-border connectivity.
Belgium will see steady economic recovery over the medium term, benefiting the freight sector. We expectreal GDP growth to be 1.3% in 2016 and forecast that the economy will expand by an annual average of1.5% over our forecast period. We expect domestic demand to be the primary driver of growth, particularlyprivate consumption. With a decrease in unemployment, lower oil prices and persistently low inflation,household consumption will also see growth, with demand for consumer goods benefiting the freight sector.
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