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 |
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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%* |
Belgium
Inflation & Debt
Inflation |
2017 2.2% 2018 2.3% 2019 1.2% 2020 0.4%* 2021 * 2.4%* |
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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) |
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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 |
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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% |
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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 |
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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