On Monday 18 November, the Hotspot will start at 5pm at the Brussels City Hall. Economic forecast for Belgium The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. 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. The Belgian Office for Intellectual Property (OPRI) is a public service of the federal government. Growth in the Belgian economy is not expected to surpass 1.1% in 2019 and 2020, according to forecasts by the Federal Planning Bureau. OECD Economic Surveys: Belgium 2020 Publication (2020) International Trade by Commodity Statistics, Volume 2019 Issue 3 Publication (2019) The GDP value of Belgium represents 0.44 percent of the world economy. Read more. 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. 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. In response to the evolving marketplace, the gig economy was born. The industrial complex of Seraing was the largest in the world. Belgian per capita GDP ranks among the world's highest. Belgium is the world's largest producer of begonias, planting 60 million tubers per year. It is Europe's largest port for RoRo traffic[25] and natural gas. The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. Belgium: Growth surprises to the upside in Q3. 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. [26] It also is the world's largest port for the import and export of new vehicles. 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. My Cart It has a modern, private-enterprise economy that has capitalised on its central geographic location, highly developed transport network, diversified industrial and commercial base, and its highly educated inhabitants. Eighty percent of the crop is exported.[28]. Starting in 1817, John Cockerill extensively developed the iron and steel industry. Belgium is the 22 most competitive nation in the world out of 140 countries ranked in the 2018 edition of the Global Competitiveness Report published by the World Economic Forum. As of July 2012, however, the statistical unemployment rate in Brussels was 20.6%.[23]. Online Store The older, traditional industries of Wallonia, particularly steel industry, began to lose their competitive edge during this period, but the general growth of world prosperity masked this deterioration until the 1973 and 1979 oil price shocks and resultant shifts in international demand sent the economy into a period of prolonged recession. 1.9 .4 1. The port of Antwerp was in 2004 the second largest European sea port by cargo volume, and the Antwerp freight railway station accounts for one-third of Belgian freight traffic. After the Netherlands, Luxembourg and Scotland, Belgium will be hosting the 2019 Hotspot. Belgium economic growth for 2018 was $581.80B, a 0.52% increase from 2018. 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. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). [29] Charleroi is also known for its publishing industry with Dupuis, one of the main publishers of Franco-Belgian comics, located in Marcinelle. According to the OECD, Belgian GDP growth is projected to remain at around 1½% in 2019 and 2020. [18] A slight decrease in the accumulated public debt compared to GDP has been seen, however, thanks to a higher economic growth rate compared to the budget growth rate, which pushed the percentage from 99% of GDP in 2009 to 95% of GDP in 2011, a four-point decrease in two years, a feat rare enough to mention in the Western World. One quarter (26 %) of people aged 15-64 in Belgium who are severely hampered by a disability or long-standing health problems have a job. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. ... Share of economic sectors in the GDP in Belgium 2019. This page has economic forecasts for Belgium including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Belgium economy. Get a sample report showing our regional, country and commodities data and analysis. Economic Overview. 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. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. [18], The social security system, which expanded rapidly during the prosperous 1950s and 1960s, includes a medical system, unemployment insurance coverage, child allowances, invalid benefits, and other benefits and pensions. Given this high percentage, it seeks to diversify and expand trade opportunities with non-EU countries. 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. The Antwerp-based BASF plant is the largest BASF-base outside Germany, and accounts on its own for about 2% of Belgian exports. On a per capita basis, Belgium exports twice as much as Germany and 5 times as much as Japan. LinkedIn Gross fixed capital formation 3.8 1 7 1.4. Press Gross domestic product (GDP) 1.4 1. It is also host to a great number of European institutions, in addition to the Belgian federal government, the government of the Flemish Community and the government of the French Community. [19] The government succeeded in balancing its budget during the 2000–2008 period, and income distribution is relatively equal. The national unemployment figures mask considerable differences between Flanders and Wallonia. Private consumption will be an important driver of growth, supported by past … [18] Foreign companies in Belgium account for approximately 11% of the total work force, with the U.S. By shrinking 91 bn dollar, Korea is the biggest loser followed by Germany and Italy. Flanders' unemployment levels are generally only about half those of Walloon. The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 15 in November, improving from October’s minus 17, despite the lockdown imposed on 2 November. Belgium economic growth for 2018 was $573.48B, a 0.5% increase from 2017. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. The consumer confidence indicator produced by the National Bank of Belgium (NBB) improved to minus 16 in September, the highest since March and a marked increase from August’s minus 26 reading. [18], Foreign investment contributed significantly to Belgian economic growth in the 1960s. The GDP value of Belgium represents 0.44 percent of the world economy. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Charleroi features an industrial area, iron and steel industry, glassworks, chemicals, and electrical engineering. The Belgian economy also is inextricably tied to that of Europe. 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). Executive Search in Belgium – 2019 Outlook UK, US Form Trade Threats to Belgium. 5 years of Belgium economic forecasts for more than 30 economic indicators. Belgium gdp growth rate for 2016 was 1.48%, a 0.55% decline from 2015. Based on the average exchange rate for 2019, Belgium uses the euro which appreciated by 0.9% against the US dollar since 2015 but declined by -5.5% from 2018 to 2019. 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. A new passenger terminal was opened in 2005. Client Log In, Facebook With 632 participants, it will be the largest economic mission ever. Economic projections for Belgium – Autumn 2019 Low wage growth in the euro area: main conclusions from the ESCB Wage Expert Group with a focus on Belgium Insights from the … The government has balanced the budget every year since, until 2009 where it ran a deficit of about $25 billion. The Office. The program will offer you a unique opportunity to discover how the transition towards a circular economy is taking place in Belgium. Belgium gdp growth rate for 2018 was 1.49%, a 0.42% decline from 2017. The European Commission negotiates on trade issues for all member states, which, in turn lessens bilateral trade disputes with Belgium.[18]. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. When Belgium emerged from World War II with its industrial infrastructure relatively undamaged thanks to the Galopin doctrine, the stage was set for a period of rapid development, particularly in Flanders. This concerns 38 % compared to 30 % of the total working population aged 15 to 64. October 29, 2020. A project like this increases awareness and visibility for the social economy in Belgium, and stimulates the collaboration between the social and regular economies. The postwar boom years, enhanced by the establishment of the European Union and NATO headquarters in Brussels, contributed to the rapid expansion of light industry throughout most of Flanders, particularly along a corridor stretching between Brussels and Antwerp, which is the second largest port in Europe after Rotterdam. From 17 to 22 November, Princess Astrid, representing the King, will lead a Belgian economic mission to China. Much of the success of Brussels is based on the high educational skills of its workforce. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. [27] Tourism is also a major component of the economy of Bruges. [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. 1.1.4 3. Liège is also a very important logistic center: the city possesses the third largest river port in Europe, directly connected to Antwerp, Rotterdam and Germany via the Meuse river and the Albert Canal. The federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. Belgium imports raw materials and semi-finished goods that are further processed and re-exported. The corresponding results for the euro area are published on a dedicated webpage on the ECB’s website. October 30, 2019. Belgium gdp growth rate for 2017 was 1.90%, a 0.43% increase from 2016. [18], Belgium's unemployment rate was 6.5% in 2008. Consequently, the 1980–82 recession shook Belgium to the core—unemployment mounted, social welfare costs increased, personal debt soared, the government deficit climbed to 13% of GDP, and the national debt, although mostly held domestically, mushroomed. 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. During the visit, we will discover the project, the urban-adapted production spaces Microfactory and also the companies working on waste in RecyK. 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 Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Annually about 2.5 million day tourists visit the city and in 2007 there were about 1.4 million overnight stays. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s.[18]. Except for its coal, which is no longer economical to exploit, Belgium has few natural resources other than fertile soils. The country has been a member of a variety of supranational organizations, including the Belgium-Luxembourg Economic Union (BLEU), the Benelux Economic Union, and the EU. Top Losers in 2019: Out of 193 economies estimated by IMF, GDP of 72 economies has decreased in 2019 compare to 2018. The Circular Economy Hotspot highlights and promotes the endeavours of companies and organisations that are fostering innovation in the field of circular economy. 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. - … The focus on social entrepreneurship and the composition of the Deloitte team means that we can really make an impact that matters with a very hands-on project. The wide range of registered companies and the extensive programme reflect the great interest of our companies, universities and research centres in the opportunities that China has to offer. The coalition replaced the interim Homans Government, again consisting of the N-VA (35 seats), CD&V (19 seats) and Open Vld (16 seats). Due to its pristine medieval city centre, Bruges has become a popular tourist destination. This year, economic activity in Belgium is down by 9 % as a result of the containment measures imposed to prevent the spread of the Covid-19 pandemic. Belgium made it into the top 20, coming 16th. Economic growth and foreign direct investment dropped in 2008. The southern region continues a difficult transition out of sunset industries (mainly coal and steel), while sunrise industries (chemicals, high-tech, and services) dominate in Flanders. The majority of these people (73%) work in the service sector. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. October 9, 2020 Belgium: Economy sustains momentum in Q4 2019 January 30, 2020 The economy grew 0.4% quarter-on-quarter in seasonally-adjusted terms in the fourth quarter, matching the expansion recorded in the third quarter, according to a first estimate released by the National Bank of Belgium (NBB) on 30 January. Together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states. We have identified three themes for 2019: Global growth will slow. The Belgian economy also is inextricably tied to that of Europe. 2019 Belgium US dollars/capita: Total US dollars/capita 2000-2019 Belgium (red), OECD - Total (black) Total US dollars/capita 2019 Belgium (red) Trade in goods and services Indicator: 81.8 Exports % of GDP 2019 Belgium % of GDP: Exports % of GDP 2000-2019 Belgium (red) Exports % of GDP 2019 Belgium … Belgium's accumulated public debt remains high at 99% of 2009 GDP. Despite the heavy industrial component, services account for 74.9% of GDP, while agriculture accounts for only 1% of GDP.[18]. by Free Country Flags The Kingdom of Belgium shipped US$444.6 billion worth of goods around the globe in 2019. Belgium is at the very top of the European hit parade when it comes to the best locations for industry and logistics. [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. We expect real GDP to contract in 2020, owing to the economic fallout caused by the outbreak of the novel coronavirus and a recovery to annual growth in 2021. With the onset of a recession in the 1970s, this system became an increasing burden on the economy and accounted for much of the government budget deficits. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. GDP (nominal) of United States has increased by $859 billion in 2019 followed by China … 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). It is also the main hub and the headquarters of TNT Airways. Belgium economic growth for 2018 was $578.80B, a 0.93% increase from 2018. However, thanks to Belgium's high personal savings rate, the Belgian Government financed the deficit from mainly domestic savings, minimizing the deleterious effects on the overall economy.[18]. GDP growth amounted to 1.6 % in the third quarter of 2019 y-o-y, at the faster pace as the one observed during the previous quarter (1.3 %) mainly due to a higher contribution to GDP growth from consumption expenses (public and private). Data Source: World Bank This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. Employment by economic sector in Belgium 2020. Google+, © Copyright: 2020. The European Commission expects a deceleration of GDP growth to 1 % for 2020 and 2021. LinkedIn The economy of Belgium is varied and cannot be understood without taking the regional differences into account. However, GDP growth was less robust in Belgium than in the European Union (+2 %) or even in the Euro area (+1.9 %). Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. Belgium began circulating the euro currency in January 2002. Industry is concentrated mainly in the pop… Against this grim backdrop, in 1982, Prime Minister Martens' center-right coalition government formulated an economic recovery program to promote export-led growth by enhancing the competitiveness of Belgium's export industries through an 8.5% devaluation. Belgian industry claims 25% of the labor force and agriculture only 2%. Antwerp is the first diamond market in the world, diamond exports account for roughly 1/10 of Belgian exports. economy/belgium-economic-snapshot/ This Overview is extracted from the Economic Survey of Belgium. Other industrial and service activities include car manufacturing, telecommunications, photographic products. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the economic growth rate. Unemployment in Wallonia is mainly structural, while in Flanders it is cyclical. The Organisation for Economic Cooperation and Development measures the sum of taxes and social contributions in relations to countries’ Gross Domestic Product (GDP). Click on the button below to get started. It has a number of regional headquarters of multinational corporations. Recy-K is an experimentation space operationalized by Agence Bruxelles-Propreté, the Brussels Agency in charge of waste collection and treatment. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. 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. In 1992–93, the Belgian economy suffered the worst recession since World War II, with the real GDP declining 1.7% in 1993. 1. As regards the near-term growth prospects for Belgium, the National Accounts Institute (NAI) forecasts a deceleration in GDP growth to 1.1 % in 2019, after 1.5 % registered in 2018. Government consumption . Download Historical Data Save as Image. 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 ranks highest in connectivity (3rd) and integration of digital technology by businesses (5th), while digital public services are its biggest relative weakness. The port of Bruges-Zeebrugge is one of the most important, modern and fastest growing[24] ports in Europe. The economy rebounded in the third quarter, growing 10.7% on a seasonally-adjusted quarter-on-quarter basis, after falling 11.8% in Q2 at the height of the pandemic. The Belgian Government encourages new foreign investment as a means to promote employment. 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 Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Nonetheless, most traditional industrial sectors are represented in the economy, including steel, textiles, refining, chemicals, food processing, pharmaceuticals, automobiles, electronics, and machinery fabrication. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. 88 . Belgium wants to urge China, as the second largest economy in the world, to take its responsibility for safeguarding and modernising the WTO. Belgium’s federal government is allocating an additional €200 million to hospital staff, and implementing and expanding a broad support package of measures to help the economic sector through the second coronavirus lockdown.

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