Belgium's Macroeconomic Analysis:
Nominal GDP of USD 632 billion in 2023.
Nominal GDP of USD 582 billion in 2022.
GDP per capita of USD 50,126 compared to the global average of USD 10,589.
GDP per capita of USD 53,833 compared to the global average of USD 10,589.
Average real GDP growth of 1.5% over the last decade.
Average real GDP growth of 1.5% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Belgium
Sequential economic growth ebbed to 0.2% in Q3 from Q2’s 0.3%, according to a flash release. The expansion fell short of the EU average of 0.3%. According to preliminary data, the moderation largely stemmed from the construction sector, which ground to a halt in Q3. That said, the industrial sector’s downturn softened in Q3 thanks to recovering manufacturing activity, while growth in the services sector remained at Q2’s level. Turning to Q4, our panel has penciled in GDP growth similar to that of Q3. Projected downticks in the unemployment rate and inflation should support private spending, while the ECB’s monetary policy loosening cycle is likely to fan domestic demand more broadly. In politics, coalition talks stalled through mid-November, over five months after the elections. A prolonged political deadlock bodes ill for fiscal and structural reform plus investor sentiment.Belgium Economic Forecasts
Projections out to 2034.34 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 21 expert analysts.
Want to get insight on the economic outlook for Belgium in the coming years? FocusEconomics collects projections out to 2034 on 34 economic indicators for Belgium from a panel of 21 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.