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 growth with weakened domestic consumption and export demand; 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 (2023).More about the economy of Belgium
| Labor force | 5.416 million (2024 est.) |
|---|---|
| Industrial production growth rate | -0.6% (2024 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 | 22.7% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $41.449 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $40.813 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $41.274 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$5.679 billion (2024 est.) |
| Current account balance 2023 | -$4.503 billion (2023 est.) |
| Current account balance 2022 | -$7.031 billion (2022 est.) |
| Public debt | |
| Public debt 2022 | 92.5% of GDP (2022 est.) |
| Budget | |
| Revenues | $220.657 billion (2022 est.) |
| Expenditures | $235.767 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 2.3% of GDP (2024 est.) |
| Remittances 2023 | 2.3% of GDP (2023 est.) |
| Remittances 2022 | 2.3% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 3.8% (2022 est.) |
| Highest 10% | 22.2% (2022 est.) |
| Average household expenditures | |
| On food | 12.2% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $531.029 billion (2024 est.) |
| Imports 2023 | $546.426 billion (2023 est.) |
| Imports 2022 | $573.192 billion (2022 est.) |
| Imports (partners) | Netherlands 20%, Germany 13%, France 11%, USA 7%, Ireland 4% (2023) |
| Comodities Imports force | cars, natural gas, vaccines, packaged medicine, crude petroleum (2023) |
| Exports | |
| Imports 2024 | $531.029 billion (2024 est.) |
| Imports 2023 | $546.426 billion (2023 est.) |
| Imports 2022 | $573.192 billion (2022 est.) |
| Exports (partners) | France 20%, Netherlands 15%, Germany 14%, Italy 6%, USA 5% (2023) |
| Comodities Exports force | refined petroleum, natural gas, vaccines, cars, packaged medicine (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $749.229 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $741.672 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $732.865 billion (2022 est.) |
| GDP (official exchange rate) | $664.564 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $63,100 (2024 est.) |
| Real GDP per capita 2023 | $62,900 (2023 est.) |
| Real GDP per capita 2022 | $62,700 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.8% (2024 est.) |
| Industry | 17.6% (2024 est.) |
| Services | 72.1% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 50.4% (2023 est.) |
| Government consumption | 23.8% (2023 est.) |
| Investment in fixed capital | 24.4% (2023 est.) |
| Investment in inventories | 1% (2023 est.) |
| Exports of goods and services | 84.2% (2023 est.) |
| Imports of goods and services | -84.8% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.5% (2024 est.) |
| Unemployment rate 2023 | 5.6% (2023 est.) |
| Unemployment rate 2022 | 5.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.8% (2024 est.) |
| Male | 18.6% (2024 est.) |
| Female | 14.7% (2024 est.) |
All Important Facts about Belgium
Want to know more about Belgium? Check all different factbooks for Belgium below.
