Country Report - Browse a full set of economic indicators

Belgium

Country Report - Includes Belgium real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Belgium economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Belgium best banks and safest banks are also available.

Basic Information

Government Type: Federal parliamentary democracy under a constitutional monarchy

Capital City: Brussels

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank National Bank of Belgium

Currency Euros (EUR)

International Reserves USD 33.30 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product – GDP USD 581.85 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) Intl$ 550.5 billion (2018, estimate)

GDP Data

Real GDP growth 2017 1.6%
2018 1.8%
2019 1.8%
2020* -6.3%
2021* 5.6%

*Estimate
GDP per capita – current prices USD 50,412.71 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 55,919.13 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 0.45% (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP – composition by sector agriculture: 0.7%
industry: 19.2%
services: 69.6%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP) 3.2% (2019)
OECD, retrieved January 2022
Inflation 2017 2.2%
2018 2.3%
2019 1.2%
2020 0.4%*
2021 * 2.4%*

Inflation & Debt

Inflation 2017 2.2%
2018 2.3%
2019 1.2%
2020 0.4%*
2021 * 2.4%*
Government Bond Ratings Standard & Poor’s: AA

Moody’s: Aa3

Standard & Poor’s / Moody’s (January 2022)
Unemployment rate 2017 7.1%
2018 6.0%
2019 5.4%
2020 5.6%*
2021* 6.3%*
Household saving rates 13.9% (2020)
OECD, retrieved January 2022
Public debt (General government gross debt as a % of GDP) 2017 102%
2018 99.8%
2019 98.1%
2020* 114.1%
2021* 113.4%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2017 1.4%
2018 1.0%
2019 -0.2%
2020 * -7.7%
2021* -5.6%

*Estimate
Market value of publicly traded shares USD 321.1 billion (2018) World Bank / Market capitalization

Largest Companies KBC Group, Anheuser-Busch InBev, Ageas, UCB, Solvay, Umicore, Sofina, Colruyt, Proximus
Forbes Global 2000 (2021)

Import/Export

Exports as percent of GDP (Exports of goods and services) 87.9% (2018)

Shares in world total merchandising export 2.40% (2018)

Shares in world total commercial services export 2.10% (2018)

Total exports USD 465.6 billion (2018 estimate)

Export commodities Chemicals, machinery and equipment, finished diamonds, metals and metal products, foodstuffs

Total imports USD 470.5 billion (2018 estimate)

Import commodities Raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products

Exports – major partners Germany 16.6%, France 14.9%, Netherlands 12%, UK 8.4%, Italy 4.9%, US 4.8% (2017)

Imports – major partners Netherlands 17.3%, Germany 13.8%, France 9.5%, US 7.1%, UK 4.9%, Ireland 4.2%, China 4.1% (2017)

Competitiveness & Trade

Current account balance USD -7.0 billion (2018 estimate)

Current account balance by percentage of GDP -1.3 % (2018 estimate)

FDI inflows 2016 USD 50,987 million
2017 USD -5,763 million
2018 USD 4,873 million
FDI Outflows 2016 USD 20,974 million
2017 USD 24,201 million
2018 USD 6,910 million
Value of cross-border M&A, by country of purchaser 2015 USD 5,590 million
2016 USD 101,060 million
2017 USD -8,771 million
2018 USD 410 million
Cross-border M&A deals worth over $3 billion completed in 2014 Anheuser-Busch Inbev, Oriental Brewery Co Ltd, Korea, Republic of, USD 5.8 billion
Cross-border M&A deals worth over $3 billion completed in 2015 Solvay SA, Cytec Industries Inc, United States, USD 5.5 billion
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

46 out of 190 countries

Subcategories:
Starting a Business: 48 out of 190 countries
Dealing with Construction Permits: 45 out of 190 countries
Getting Electricity: 108 out of 190 countries
Registering Property: 139 out of 190 countries
Getting Credit: 67 out of 190 countries
Protecting Minority Investors: 45 out of 190 countries
Paying Taxes: 63 out of 190 countries
Trading across Borders: 1 out of 190 countries
Enforcing Contracts: 56 out of 190 countries
Resolving Insolvency: 9 out of 190 countries
World Bank – Doing Business 2019
Global competitiveness ranking
22 out of 141 countries

World Economic Forum – The Global Competitiveness Index 2019
Index of Economic Freedom Ranking: 48 / Score: 67.3 (Moderately free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC +1

Total Area 30,528 sq km

Total Population 1990 9.95 million
2000 10.24 million
2010 10.84 million
2015* 11.24 million
2020* 11.52 million
Urban population as % of total population 1960 92.5%
1980 95.4%
2000 97.1%
2020 98%
Population median age 41.5 years

Population growth rate 0.67% (2018 estimate)

Life expectancy 81.2 years (2018 estimate)



CIA World Factbook / Life expectancy
% of population living on less than $3.10 a day 0.2% (last available estimate, 2015)

Inequality of wealth distribution (Gini index)
27.7 (last available estimate, 2015)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Free
Political Rights: 1
Civil Liberties: 1 (2019)

(1 represents the most free, 7 the least free)
Total telephone subscribers as % of population Fixed: 35.8% Mobile: 103.4% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 88.66 % (2018)

Language & Religon

Languages Dutch (official) 60%, French (official) 40%, German (official) less than 1%

Literacy N/A
Religions Roman Catholic 50%, Protestant and other Christian 2.5%, Muslim 5%, Jewish 0.4%, Buddhist 0.3%, atheist 9.2%, none 32.6% (2009 est.)

World Rankings

Population 11.52 M
Mercer Cost of living index Brussels: 77th (2019)

C02 Emissions per capita 8.33 metric tons per capita (2014)

Global Finance Rankings & Awards: Belgium

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

CIA Factbook

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