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Economy Overview

Belgiumâ€™s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgiumâ€™s economy vulnerable to the outcome of negotiations on the UKâ€™s exit from the EU.Belgiumâ€™s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.The government has pledged to pursue a reform program to improve Belgiumâ€™s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Agriculture Products

sugar beet, milk, potatoes, wheat, pork, lettuce, poultry, maize, barley, pears

Industries

engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum

Industrial Production Growth Rate

0.2% (2017 est.)

Labor Force

4.122 million (2020 est.)

Labor Force by Occupation

Agriculture: 1.3%

Industry: 18.6%

Services: 80.1% (2013 est.)

Unemployment Rate

0: 5.36% (2019 est.)

1: 5.96% (2018 est.)

Population Below Poverty Line

14.8% (2018 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 3.4%

Highest 10%: 28.4% (2006)

Distribution of Family Income Gini Index

0: 27.4 (2017 est.)

1: 28.7 (1996)

Budget

Revenues: 253.5 billion (2017 est.)

Expenditures: 258.6 billion (2017 est.)

Budget Surplus

-1% (of GDP) (2017 est.)

Public Debt

0: 103.4% of GDP (2017 est.)

1: 106% of GDP (2016 est.)

Note: data cover general government debt and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions; general government debt is defined by the Maastricht definition and calculated by the National Bank of Belgium as consolidated gross debt; the debt is defined in European Regulation EC479/2009 concerning the implementation of the protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992; the sub-sectors of consolidated gross debt are

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $26.16 billion (31 December 2017 est.)

1: $24.1 billion (31 December 2015 est.)

Debt External

0: $1,317,513,000,000 (2019 est.)

1: $1,332,358,000,000 (2018 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: euros (EUR) per US dollar -

1: 0.82771 (2020 est.)

2: 0.90338 (2019 est.)

3: 0.87789 (2018 est.)

4: 0.885 (2014 est.)

5: 0.7634 (2013 est.)

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Taxes and Other Revenues

51.3% (of GDP) (2017 est.)

Fiscal Year

calendar year

Real GDP

$557.11_billion_note
data are
$594.47_billion_note
data are
$584.05_billion_note
data are

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

$48,200_note
data are in 2017 dollars (2020 est.)
$51,700_note
data are in 2017 dollars (2019 est.)
$51,100_note
data are in 2017 dollars (2018 est.)
note
data are in 2010 dollars

Inflation Rate

1.4% (2019 est.)
1
2% (2018 est.)
2
2.1% (2017 est.)

Credit Ratings

Fitch rating
AA- (2016)
Moody s rating
Aa3 (2011)
Standard & Poors rating
AA (2011)

Gross National Saving

GDP Composition by end Use

Household consumption
51.2% (2017 est.)
Government consumption
23.4% (2017 est.)
Investment in fixed capital
23.3% (2017 est.)
Investment in inventories
1.3% (2017 est.)
Exports of goods and services
85.1% (2017 est.)
Imports of goods and services
-84.4% (2017 est.)

GDP Composition by Sector of Origin

Agriculture
0.7% (2017 est.)
Industry
22.1% (2017 est.)
Services
77.2% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

0
$1.843 billion (2019
1
-$4.135 billion (2018

Exports

$414.79 billion note
data are in
$436.3 billion note
data are in
$451.25 billion note
data are in

Exports Partners

Germany
17%
France
14%
Netherlands
13%
United
Kingdom
United
States
Italy
5%

Exports Commodities

Cars and vehicle parts, refined petroleum, packaged medicines, medical cultures/vaccines, diamonds, natural gas (2019)

Imports

$412.85 billion note
data are in
$433.04 billion note
data are in
$452.53 billion note
data are in

Imports Partners

Netherlands
16%
Germany
13%
France
10%
United
States
Ireland
5%
China
5%

Imports Commodities

Cars, refined petroleum, packaged medicines, medical cultures/vaccines, diamonds, natural gas (2019)

Bolivia