Turnover of enterprises decreased by 2.8% in the second quarter of 2023
The turnover of enterprises in Belgium, excluding the agricultural and financial sectors, amounted to 416.4 billion euros in the second quarter of 2023, i.e. a 2.8% decrease compared to the same period the year before.
This decline is caused by a decrease in turnover in trade, industry, transportation and storage and, to a lesser extent (this is a very small sector), mining and quarrying. These 4 sectors together account for 73% of the total turnover of Belgian enterprises.
In all other economic sectors, we recorded increases in turnover in the second quarter of 2023 compared to the same period of 2022. The sharpest turnover increases were observed in the sectors ‘Arts, entertainment and recreation’ and ‘Accommodation and food service activities’, sectors that were still starting up again in the second quarter of 2022 after the restrictive measures due to the Covid-19 crisis were lifted.
The results for the second quarter 2023 are provisional. These results can be revised when additional data become available.
Purpose and brief description
Turnover includes all amounts (excluding VAT) corresponding to the sale of goods and services by the VAT-registered unit to third parties in Belgium or abroad. Investments are the expenditure (excluding VAT) by the VAT-registered unit for the acquisition of goods and services which constitute a business asset.
VAT-registered units, excluding the following NACE codes (NACE 2008 classification): A, 50.3 and 50.4, K, L, 69.1, 0, P, Q, 91, 92, 94, T and U.
Results available 2 months after the reference period.
Investments are the expenditure (excluding VAT) by the VAT-registered unit for the acquisition of goods and services which constitute a business asset: formation expenses, intangible fixed assets, land and buildings, plant, machinery and equipment, furniture and vehicles, leased fixed assets and other fixed assets. The wages of staff (who, for example, would be recruited to build or renovate a building) and other social charges and the purchase of other services, work and studies (e.g. architect's fees) are therefore not part of the investments.
Turnover includes all amounts (excluding VAT) corresponding to the sale of goods and services by the VAT-registered unit to third parties in Belgium or abroad. It also includes all other charges (transport, packaging, etc.) passed on to the customer, even if these charges are listed separately in the invoice. Reduction in prices, rebates and discounts as well as the value of returned products must be deducted (via credit notes). Income classified as other operating income, financial income and extraordinary income in company accounts is excluded from turnover.
Due to late VAT returns and/or derogations, the data of the last 2 years should be considered provisional and subject to revision.