Belgium city from above

Belgium Economy

Belgium's economy in numbers:

Nominal GDP of USD 582 billion in 2022.

GDP per capita of USD 50,126 compared to the global average of USD 10,589.

Average real GDP growth of 1.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 79% of overall GDP, manufacturing 13%, other industrial activity 7%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 49% of GDP in 2021, government consumption 24%, fixed investment 26%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 73% of total merchandise exports, mineral fuels 10%, food 10%, ores and metals 5% and agricultural raw materials 1%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 70% of total merchandise imports, mineral fuels 14%, food 9%, ores and metals 6% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 637 billion in 2022, while total imports were USD 619 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.5% in the decade to 2022. To read more about GDP growth in Belgium, go to our dedicated page.

Fiscal policy:

Belgium's fiscal deficit averaged 3.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 7.0% in the decade to 2022. For more information on Belgium's unemployment click here.

Inflation:

Inflation averaged 2.4% in the decade to 2022. Go to our Belgium inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Belgium monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
In Q1 2024, sequential GDP growth was stable at the prior quarter’s 0.3% expansion. Private consumption decelerated, but government spending ticked up and fixed investment recovered significantly from Q4’s decline. Turning to Q2, our panelists have penciled in roughly stable growth compared to Q1. In April–May, monthly industrial activity ticked up from Q1 in seasonally adjusted terms, and goods exports rebounded in annual terms from January–March’s decline, suggesting recovering external demand. On the flipside, household spending was likely muted: Inflation accelerated and consumer pessimism prevailed in the quarter, leading to weaker retail sales in April–May. In other news, in mid-June, the European Commission instructed Belgium to reduce its budget deficit. If unsuccessful in taming its spending, the country could face a fine, but fiscal consolidation could temper growth ahead.
Projections out to 2033.

34 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for Belgium in the coming years? FocusEconomics collects projections out to 2033 on 34 economic indicators for Belgium from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Belgium economy. To download a sample report on the Belgium's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Belgium Economic Data

2019 2020 2021 2022 2023
Population (million) 11.5 11.5 11.6 11.6 11.7
GDP (EUR bn) 479 461 508 554 585
GDP per capita (EUR) 41,784 39,970 43,969 47,703 49,791
Economic Growth (Nominal GDP, ann. var. %) 4.0 -3.8 10.3 9.1 5.5
Economic Growth (GDP, ann. var. %) 2.2 -5.3 6.9 3.0 1.4
Domestic Demand (ann. var. %) 1.9 -6.2 6.1 3.0 2.1
Private Consumption (ann. var. %) 1.7 -8.2 6.3 3.2 1.4
Government Consumption (ann. var. %) 2.2 -0.1 5.2 4.5 1.6
Fixed Investment (ann. var. %) 5.1 -5.1 4.9 -0.2 3.6
Exports (G&S, ann. var. %) 2.4 -6.3 13.9 4.9 -3.3
Imports (G&S, ann. var. %) 2.0 -7.4 13.0 4.9 -2.6
Industrial Production (ann. var. %) 5.2 -4.1 25.5 -0.5 -7.3
Disposable Income (ann. var. %) 2.6 0.4 3.4 -0.5 -
Unemployment (% of active population, aop) 5.4 5.6 6.3 5.6 5.5
Fiscal Balance (% of GDP) -2.0 -9.0 -5.4 -3.6 -4.4
Public Debt (% of GDP) 97.6 111.9 107.9 104.3 105.2
Inflation (HICP, ann. var. %, eop) 0.9 0.4 6.6 10.2 0.5
Inflation (HICP, ann. var. %, aop) 1.2 0.4 3.2 10.3 2.3
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 2.50 4.50
ECB Overnight Deposit Rate (%, eop) -0.50 -0.50 -0.50 2.00 4.00
3-Month EURIBOR (%, eop) -0.38 -0.55 -0.57 2.13 3.91
10-Year Bond Yield (%, eop) 0.08 -0.39 0.18 3.16 2.60
Stock Market (var. of BEL20 %) 22.0 -8.5 19.0 -14.1 0.2
Exchange Rate (USD per EUR, eop) 1.12 1.22 1.14 1.07 1.10
Exchange Rate (USD per EUR, aop) 1.12 1.14 1.18 1.05 1.08
Current Account Balance (EUR bn) 0.5 6.5 6.6 -5.6 -5.7
Current Account Balance (% of GDP) 0.1 1.4 1.3 -1.0 -1.0
Merchandise Trade Balance (EUR bn) 16.1 20.8 18.2 17.7 16.3
Foreign Direct Investment (EUR bn) 10.6 2.6 8.7 10.8 20.8

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