Belgium

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Belgium - In Short.

Overview of Belgium

Belgium became independent from the Netherlands in 1830; it was occupied by Germany during World Wars I and II. The country prospered in the past half century as a modern, technologically advanced European state and member of NATO and the EU. In recent years, political divisions between the Dutch-speaking Flemish of the north and the French-speaking Walloons of the south have led to constitutional amendments granting these regions formal recognition and autonomy. The capital city of Brussels is home to numerous international organizations including the EU and NATO.
Value
Country Full Name
Belgium
Country Code
BEL
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
5.22E+11
Population
11544241
Land Area
30280
Net National Income Per Capita
36526.52574
GDP per Capita (PPP)
53088.9688

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Belgium - Economic

Economy of Belgium

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. 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 Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.Belgium’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 Belgium’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.

Unemployment Rate

Inflation Rate

Belgium - GDP Composition

GDP Composiiton & Value Added of Belgium

Last Updated: Jan, 2021, Updated For 2020.

Belgium - GDP, Value Added

Demographics of Belgium

most of the population concentrated in the northern two-thirds of the country; the southeast is more thinly populated; considered to have one of the highest population densities in the world; approximately 97% live in urban areas
Geographic Location

Western Europe, bordering the North Sea, between France and the Netherlands

Races

Belgian 75.2%, Italian 4.1%, Moroccan 3.7%, French 2.4%, Turkish 2%, Dutch 2%, other 10.6% (2012 est.)

Languages

Dutch (official) 60%, French (official) 40%, German (official) less than 1%major-language

Religion

Roman Catholic 57.1%, Protestant 2.3%, other Christian, 2.8%, Muslim 6.8%, other 1.7%, atheist 9.1%, nonbeliever/agnostic 20.2% (2018 est.)

Dependency & Expectancy of Belgium

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Belgium

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional members), AfDB (nonregional members), Australia Group, Benelux, BIS, CD, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), EMU, ESA, EU, FAO, FATF, G-9, G-10, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MONUSCO, NATO, NEA, NSG, OAS (observer), OECD, OIF, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNRWA, UNTSO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC

Import of Belgium

Export of Belgium

Import Destination

Export Destination