5 years of Belgium economic forecasts for more than 30 economic indicators. The federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. The industrial complex of Seraing was the largest in the world. Belgium made it into the top 20, coming 16th. The corresponding results for the euro area are published on a dedicated webpage on the ECB’s website. BELGIUM Weaker growth momentum, slower public debt reduction . The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. The Belgian Government encourages new foreign investment as a means to promote employment. Among top ten largest economies, five show decline in current GDP figure. This rate is 225 -tenths of one percent higher than the figure of -11.8% published in the first quarter of 2020. Belgium gdp growth rate for 2019 was 1.40%, a 0.08% decline from 2018. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Get a sample report showing our regional, country and commodities data and analysis. [18] About three-quarters of its trade is with other EU countries. [18], Belgium's unemployment rate was 6.5% in 2008. ... 2019 20 2021. The latest projections for Belgium, published on 8 June 2020, were finalised on 25 May 2020. Much of the success of Brussels is based on the high educational skills of its workforce. Agriculture contributes a small amount of the national GDP (0.4%, World Bank 2019) to the Belgian economy, mainly sugar beets, vegetables and fruits, meat and milk, and employs 1% of the active population. As a result, cumulative government debt reached 121% of GDP by the end of the 1980s. The latest OECD Economic Survey of Belgium notes that robust job creation, albeit mostly in low-wage industries, has led to the unemployment rate falling to a historic low. The European Commission negotiates on trade issues for all member states, which, in turn lessens bilateral trade disputes with Belgium.[18]. By shrinking 91 bn dollar, Korea is the biggest loser followed by Germany and Italy. The next 12 months could determine if the wave of nationalism will rise or recede Published: January 9, 2019 Author: James A. Haley; In the past few years, anti-globalization populism emerged as a potent political force in several advanced economies. Belgium-s-economy-in-a-nutshell-Eonomic-outlook-October-2019.pdf (Document, 2.7 MB) Belgium, a small and open economy of 11.4 million inhabitants, is located in the heart of Europe. The economy of Belgium is a modern, capitalist economy that has capitalised on the country's central geographic location, highly developed transport network, and diversified industrial and commercial base. Twitter This disparity began to fade during the interwar period. ... Share of economic sectors in the GDP in Belgium 2019. Moderate to poor scores for infrastructure (primarily transport, road, and rail infrastructure) and macro-economic stability (mainly high levels of national debt) lowered the country’s total score. Begonias have been cultivated in the Ghent area since 1860. In contrary to what was expected, the N-VA only has four ministers (instead of five), while CD&V has three (instead of only two). Eighty percent of the crop is exported.[28]. We have identified three themes for 2019: Global growth will slow. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. After the Netherlands, Luxembourg and Scotland, Belgium will be hosting the 2019 Hotspot. KPMG launched the 2019 edition of the Growth Promise Indicators (GPI) on July 15th Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. [18] Foreign companies in Belgium account for approximately 11% of the total work force, with the U.S. [19], For 50 years through World War II, French-speaking Wallonia was a technically advanced, industrial region, with its industry concentrated along the sillon industriel, while Dutch-speaking Flanders was predominantly agricultural with some industry, mainly processing agricultural products and textiles. Belgium is the third-most taxed country in Europe, a new study by the OECD based on figures from 2019 shows. Download Historical Data Save as Image. Belgium is one of the richest countries in Europe and is on an equal footing with Germany: the GDP per inhabitant, expressed in purchasing power parity and compared to the European average (EU-28) of 100, was 119 in 2013; The Belgian economy's openness is visible mainly through its … [30], Media related to Economy of Belgium at Wikimedia Commons, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2020", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Euro area and EU27 government deficit both at 0.6% of GDP", "Scope affirms Belgium's rating at AA and revises the Outlook to Negative", https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart, "Le marché du travail en chiffres absolus", "GDP per inhabitant in 2006 ranged from 25% of the EU27 average in Nord-Est in Romania to 336% in Inner London", "Taux de chômage stable (20,6%) mais augmentation du nombre de chercheurs d'emploi sur base annuelle", https://books.google.co.uk/books?id=7dnVBqWvFmQC&pg=PA301&lpg=PA301&dq=Charleroi+slag+heaps&source=bl&ots=qv_vTJIkaj&sig=ACfU3U2B-Ag0dUk8TT6gQXPTEimVu9AwFg&hl=en&sa=X&ved=2ahUKEwi4iLjImd7oAhXSZxUIHaBfBEI4FBDoATACegQIChAB#v=onepage&q=Charleroi%20slag%20heaps&f=false, "Report for Selected Countries and Subjects", https://www.cia.gov/library/publications/the-world-factbook/index.html, World Bank Summary Trade Statistics Belgium, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Belgium&oldid=988635496, Articles with dead external links from September 2017, Articles with permanently dead external links, Articles with dead external links from June 2016, Short description is different from Wikidata, Articles containing potentially dated statements from 2006, All articles containing potentially dated statements, Articles with unsourced statements from August 2012, Wikipedia articles incorporating text from the World Factbook, Wikipedia articles incorporating text from the United States Department of State Background Notes, Creative Commons Attribution-ShareAlike License, engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum, chemicals, machinery and equipment, finished diamonds, metals and metal products, foodstuffs, raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products, Officially the Republic of China, participates as ", This page was last edited on 14 November 2020, at 10:24. Belgium GDP (Gross Domestic Product) was INT$482.95billion for 2019 in PPP terms. 1. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s.[18]. The Gross Domestic Product (GDP) in Belgium was worth 529.61 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. During the visit, we will discover the project, the urban-adapted production spaces Microfactory and also the companies working on waste in RecyK. Belgium is the world's largest producer of begonias, planting 60 million tubers per year. Belgium’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. Government consumption . Its inception drew immediate controversy, with companies like Uber and Deliveroo praised by some and demonised by others for their revolutionary and atypical ways of working. Being the de facto European capital, its economy is massively service-oriented. The economy of Belgium is varied and cannot be understood without taking the regional differences into account. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. In the 1980s and 1990s, the economic center of the country continued to shift northwards to Flanders with investments by multinationals (Automotive industry, Chemical industry) and a growing local Industrial agriculture (textiles, food). Economic growth slowed to 1.4% in 2018 as positive net exports were not enough to offset the impact of weakening private consumption growth. Read more. Belgium gdp growth rate for 2018 was 1.49%, a 0.42% decline from 2017. economy/belgium-economic-snapshot/ This Overview is extracted from the Economic Survey of Belgium. Online Store Review Women in ... Belgium ranks 6th in the Digital Economy and Society Index (DESI) 2017. 2019 publications. The port of Bruges-Zeebrugge is one of the most important, modern and fastest growing[24] ports in Europe. Brussels' GDP per capita is much higher than either region, although this is in many ways artificial, as many of those that work in the Brussels-Capital Region live in Flanders or Wallonia. In response to the evolving marketplace, the gig economy was born. The federal government ran a 7.1% budget deficit in 1992 at the time of the EU's Treaty of Maastricht, which established conditions for Economic and Monetary Union (EMU) that led to adoption of the common Euro currency on 1 January 2002. The coalition replaced the interim Homans Government, again consisting of the N-VA (35 seats), CD&V (19 seats) and Open Vld (16 seats). Competitiveness Rank in Belgium averaged 19.08 from 2007 until 2019, reaching an all time high of 24 in 2007 and a record low of 15 in 2012. Belgium's trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. In general, productivity in Flanders is roughly 20% higher (per inhabitant) than in Wallonia. Belgium: Growth surprises to the upside in Q3. Belgium is the first country to undergo an industrial revolution on the continent of Europe in the early 19th century and has since developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbours. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. Its overall score has increased by 1.6 points, led by an increase in the government integrity score.