Belgium - Economy
How is the economy of Belgium? Based on the information we have, Belgium has a high-income, core EU and eurozone economy; slow but steady growth supported by household consumption and energy shock recovery; high public debt and structural deficits linked to social spending; aging workforce with weak productivity growth and participation rates. Key agricultural products in this country include: sugar beets, milk, potatoes, wheat, pork, lettuce, maize, chicken, barley, pears (2022).
More about the economy of Belgium
| Labor force | 5.432 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.95% (2023 est.) |
| Industries | engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum |
| Population below poverty line | 12.3% (2022 est.) |
| Taxes and other revenues | 23.09% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $1,317,513,000,000 (2019 est.) |
| Debt - external 2018 | $1,332,358,000,000 (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $40.813 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $41.274 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $41.872 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$6.205 billion (2023 est.) |
| Current account balance 2022 | -$5.304 billion (2022 est.) |
| Current account balance 2021 | $8.233 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 94.04% of GDP (2022 est.) |
| Budget | |
| Revenues | $267.105 billion (2019 est.) |
| Expenditures | $277.492 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.29% of GDP (2023 est.) |
| Remittances 2022 | 2.3% of GDP (2022 est.) |
| Remittances 2021 | 2.34% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.6% (2021 est.) |
| Highest 10% | 21.9% (2021 est.) |
| Average household expenditures | |
| On food | 13.5% of household expenditures (2021 est.) |
| On alcohol and tobacco | 4% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $545.471 billion (2023 est.) |
| Imports 2022 | $567.164 billion (2022 est.) |
| Imports 2021 | $516.8 billion (2021 est.) |
| Imports (partners) | Netherlands 19%, Germany 12%, France 9%, US 6%, China 6% (2022) |
| Comodities Imports force | natural gas, refined petroleum, cars, packaged medicine, vaccines (2022) |
| Exports | |
| Imports 2023 | $545.471 billion (2023 est.) |
| Imports 2022 | $567.164 billion (2022 est.) |
| Imports 2021 | $516.8 billion (2021 est.) |
| Exports (partners) | Germany 19%, France 15%, Netherlands 14%, US 6%, Italy 5% (2022) |
| Comodities Exports force | natural gas, vaccines, refined petroleum, packaged medicine, cars (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $751.592 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $741.47 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $719.771 billion (2021 est.) |
| GDP (official exchange rate) | $632.217 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $63,600 (2023 est.) |
| Real GDP per capita 2022 | $63,500 (2022 est.) |
| Real GDP per capita 2021 | $62,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.7% (2017 est.) |
| Industry | 22.1% (2017 est.) |
| Services | 77.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 51.2% (2017 est.) |
| Government consumption | 23.4% (2017 est.) |
| Investment in fixed capital | 23.3% (2017 est.) |
| Investment in inventories | 1.3% (2017 est.) |
| Exports of goods and services | 85.1% (2017 est.) |
| Imports of goods and services | -84.4% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.51% (2023 est.) |
| Unemployment rate 2022 | 5.56% (2022 est.) |
| Unemployment rate 2021 | 6.26% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.1% (2023 est.) |
| Male | 17.8% (2023 est.) |
| Female | 14.1% (2023 est.) |
All Important Facts about Belgium
Want to know more about Belgium? Check all different factbooks for Belgium below.
