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Economy of Belgium information


Economy of Belgium
Business district in the Schaerbeek neighborhood of Brussels
CurrencyEuro (EUR, €)
Fiscal year
Calendar year
Trade organisations
European Union, Organisation for Economic Co-operation and Development, World Trade Organization
Country group
  • Developed/Advanced[1]
  • High-income economy[2]
Statistics
PopulationIncrease 11,549,888 (1 January 2020)[3]
GDP
  • Increase $624 billion (nominal, 2023)[4]
  • Increase $766 billion (PPP, 2023)[4]
GDP rank
  • 24th (nominal, 2023)
  • 37th (PPP, 2023)
GDP growth
  • Increase 3.1% (2022)[5]
  • Increase 0.7% (2023f)[5]
  • Increase 1.1% (2024f)[5]
GDP per capita
  • Increase $53,377 (nominal, 2023)[4]
  • Increase $65,501 (PPP, 2023)[4]
GDP per capita rank
  • 16th (nominal, 2023)
  • 19th (PPP, 2023)
GDP by sector
  • agriculture: 0.7%
  • industry: 22.1%
  • services: 77.2%
  • (2017 est.)[6]
Inflation (CPI)
  • 0.6% (2020 est.)[4]
  • 1.2% (2019)[4]
  • 2.3% (2018)[4]
Population below poverty line
Positive decrease 19.5% at risk of poverty or social exclusion (AROPE, 2019)[7]
Gini coefficient
Positive decrease 25.1 low (2019, Eurostat)[8]
Human Development Index
  • Increase 0.937 very high (2021)[9] (13th)
  • Increase 0.874 very high (12th) (2021)[10]
Labour force
  • Increase 5,105,726 (2020)[11]
  • Increase 69.7% employment rate (Target: 73.2%; 2018)[12]
Labour force by occupation
  • agriculture: 1.3%
  • industry: 18.6%
  • services: 80.1%
  • (2013 est.)[6]
Unemployment
  • Negative increase 5.1% (August 2020)[13]
  • Steady 13.0% youth unemployment (15 to 24 year-olds; June 2020)[14]
Average gross salary
€3,401 / $3,821 monthly (May, 2017)
Average net salary
€2,170 / $2,438 monthly (May, 2017)
Main industries
engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed foods and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum
External
ExportsIncrease $547.5 billion (2021)[6]
Export goods
chemicals, machinery and equipment, finished diamonds, metals and metal products, foodstuffs
Main export partners
  • Economy of Belgium Germany(+) 16.6%
  • Economy of Belgium France(+) 14.9%
  • Economy of Belgium Netherlands(+) 12%
  • Economy of Belgium United Kingdom(+) 8.4%
  • Economy of Belgium Italy(+) 4.9%
  • Economy of Belgium United States(+) 4.8%
  • (2017)[6]
ImportsIncrease $395.7 billion (2020)[6]
Import goods
raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products
Main import partners
  • Economy of Belgium Netherlands(+) 17.3%
  • Economy of Belgium Germany(+) 13.8%
  • Economy of Belgium France(+) 9.5%
  • Economy of Belgium United States(+) 7.1%
  • Economy of Belgium China(+) 5.2%
  • Economy of Belgium United Kingdom(-) 4.8%
  • Economy of Belgium Ireland(+) 4.2%
  • (2017)[6]
FDI stock
  • Decrease $1.035 trillion (31 December 2017 est.)[6]
  • Increase Abroad: $1.159 trillion (31 December 2017 est.)[6]
Current account
Increase $1.84 billion (2019 est.)[6]
Gross external debt
Negative increase $1.281 trillion (31 March 2016 est.)[6]
Public finances
Government debt
  • Positive decrease 98.6% of GDP (2019)[15]
  • Negative increase €467.160 billion (2019)[15]
Budget balance
  • €9.0 billion deficit (2019)[15]
  • −1.9% of GDP (2019)[15]
Revenues50.3% of GDP (2019)[15]
Expenses52.2% of GDP (2019)[15]
Economic aid
  • €2.3 billion from European Structural and Investment Funds (2007–2013)[16]
Credit rating
  • Standard & Poor's:[17]
  • AA (Domestic)
  • AA (Foreign)
  • AAA (T&C Assessment)
  • Scope:[18]
  • AA−
  • Outlook: Negative
Foreign reserves
Increase $31.76 billion (April 2021 est.)[6]

All values, unless otherwise stated, are in US dollars.

The economy of Belgium is a highly developed, high-income, mixed economy.[19]

Belgium's economy has capitalised on the country's central geographic location, and has a well-developed transport network, and diversified industrial and commercial base. Belgium was the first European country to join the Industrial Revolution in the early 19th century. It has since developed a highly-developed transportation infrastructure made up of ports (most notably the Port of Antwerp), canals, railways, and highways, in order to integrate its industry with that of its neighbours.[20]

Belgium's industry is concentrated mainly in the populous region of Flanders in the north, around Brussels and in the two biggest Walloon cities, Liège and Charleroi, along the Sillon industriel. Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Except for its coal, which is no longer economical to exploit, Belgium has few natural resources other than fertile soils.

Despite the heavy industrial component, services dominate the country's economy and account for 77.2% of Belgium's gross domestic product (GDP), while agriculture accounts for 0.7%.[20]

With exports equivalent to over two-thirds of the country's gross national income (GNI), Belgium depends heavily on world trade. Belgium's trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union (EU) to integrate European economies further.[20] About three-quarters of its trade is with other EU countries.

Belgium began circulating the euro currency in January 2002.

In 2021, Belgium's public debt was about 108% of the country's gross domestic product (GDP).[21]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f g "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  6. ^ a b c d e f g h i j k "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 11 October 2022.
  7. ^ "People at risk of poverty or social exclusion". Eurostat. Retrieved 25 October 2020.
  8. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". Eurostat. Retrieved 25 October 2020.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 October 2022.
  10. ^ Nations, United. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 11 October 2022.
  11. ^ "Labor force, total – Belgium". data.worldbank.org. World Bank. Retrieved 4 February 2021.
  12. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 16 June 2019.
  13. ^ "Unemployment by sex and age – monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  14. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 7 September 2020.
  15. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  18. ^ "Scope affirms the Kingdom of Belgium's ratings at AA-; revises the Outlook to Negative from Stable". Scope Ratings. Retrieved 17 September 2023.
  19. ^ "Belgium: Introduction". globaledge.msu.edu. Retrieved 14 April 2023.
  20. ^ a b c Cite error: The named reference DoS was invoked but never defined (see the help page).
  21. ^ "General government gross debt – annual data". Eurostat. Retrieved 10 September 2022.

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