Underlying price inflation will pick up … Visible are the Republic of Ireland (top leftmost), the United Kingdom (top left), France (middle left), Belgium (middle), the Netherlands (top middle), Germany (right), Denmark (top right), Luxembourg (between France, Germany, and Belgium), Switzerland (bottom … Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The Gross Domestic Product per capita in Belgium was last recorded at 47540.90 US dollars in 2019. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. Government Expenditures for Belgium from National Bank of Belgium - Belgostat (BNB) for the Quarterly Government Account release. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). GDP Belgium second quarter of 2020 Quarterly GDP improves in Belgium … Gross Domestic Product. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. Download historical data for 20 million indicators using your browser. GDP per capita is gross domestic product divided by midyear population. Growth in the Belgian economy is not expected to surpass 1.1% in 2019 and 2020, according to forecasts by the Federal Planning Bureau. GDP per capita in Belgium averaged 31659.31 USD from 1960 until 2019, reaching an all time high of 47540.90 USD in 2019 and a record low of … Most American countries use a national income accounting standard that fails to record the informal economy. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Belgium Economic forecast for Belgium The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). Belgian per capita GDP ranks among the world's highest. source: World Bank 10Y 25Y … By 2022 it is expected to rise to 1.8 %. OECD Economic Surveys: Belgium 2020 Publication (2020) International Trade by Commodity Statistics, Volume 2019 Issue 3 Publication (2019) ... 2019: 247,877 2018: 240,154 Series Information. The latest OECD Economic Survey of Belgium notes that robust job creation, albeit mostly in low-wage industries, has led to the unemployment rate falling to a historic low. However, due to restrictions implemented across the world in 2020 to slow down the rapid spread of COVID-19, GDP is now … The economy rebounded in the third quarter, growing 10.7% on a seasonally-adjusted quarter-on-quarter basis, after falling 11.8% in Q2 at the height of the pandemic. Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. Belgium’s economic freedom score is 68.9, making its economy the 48th freest in the 2020 Index. Belgium gdp growth rate for 2019 was 1.40%, a 0.08% decline from 2018. Publish your articles and forecasts in our website. The GDP of Belgium, Luxembourg, and the Netherlands combined (Benelux) amounted to 1.3 trillion euros in 2019. Data source is International Monetary Fund World Economic Outlook (October-2018). India, Japan, and Indonesia are third, fourth and fifth largest contributer, respectively. The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. Belgium gdp growth rate for 2018 was 1.49% , a 0.42% decline from 2017. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. GDP (nominal) of United States has increased by $859 billion in 2019 followed by China with $772 billion. For example, Belgium’s Exports rank is higher than (please wait...) of the countries in the dataset. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. The Belgian economy is set to grow by an average 1.2% in the coming years and households’ purchasing power picks up 07 June 2019 12:00 Brussels, 7 June 2019 – Economic activity in Belgium is expected to grow by about 1.2 % annually over the next three years. The Gross Domestic Product (GDP) in Belgium was worth 529.61 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Belgium gdp for 2018 was $586.09B, a 0.74% increase from 2018. As regards the near-term growth prospects for Belgium, the National Accounts Institute (NAI) forecasts a deceleration in GDP growth to 1.1 % in 2019, after 1.5 % registered in 2018. © World Economics Limited. It is estimated that the application of the latest standard would add US$824 billion. Belgium: Industrial activity falls at sharper … For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Read more. In real terms, the EU’s GDP in 2019 was 17% higher than its level one decade earlier. As a result, the Belgian economy is losing momentum for the second year in a row due to the slowdown internationally, added the Bureau. Projections for Belgium: summary of the main results Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. All rights reserved. The federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. Nominal GDP does not take into account differences in the cost of livingin different countries, and the results can vary greatly from one year to anothe… In our first edition of 2019, we look ahead to the trends we expect to come to the fore in the global economy in the year to come. BELGIUM Economic growth slowed in 2018 and is projected to remain at around 1½ per cent in 2019 and 2020. Agriculture contributes a small amount of the national GDP (0.4%, World Bank 2019) to the Belgian economy, mainly sugar beets, vegetables and fruits, meat and milk, and employs 1% of the active population. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. October 30, 2019 The economy grew 0.4% quarter-on-quarter in seasonally-adjusted terms in the third quarter, according to a first estimate released by the National Bank of Belgium (NBB) on 30 October, up from the upwardly revised 0.3% qoq s.a. expansion recorded in the second quarter (previously reported: +0.2% … … The European Commission expects a deceleration of GDP growth to 1 % for 2020 and 2021. Belgium Q3 GDP Rebounds More than Initially Thought, Belgium Inflation Rate Drops to 6-Month Low in November, Belgium Business Morale Drops Back to 4-Month Low, Belgium Consumer Confidence Improves in November, Belgium Current Account Balance Swings to Surplus in Q2, Belgium Producer Price Deflation Eases in August, Belgium Construction Output Falls the Most since 1993, Belgium Industrial Output Rises the Most Since 2010, Belgium Posts Smallest Trade Surplus in 5 Months, Oil Rallies after OPEC Announce Production Cut, Uruguay Inflation Rate Eases to 8-Month Low, Armenia Inflation Rate Rises to 1.6% in November, South Africa Stocks End at Over 10-Month High. All rights reserved.Terms & Conditions. Though Belgium real GDP growth fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 1.4 % in 2019. The gross domestic product (GDP) measures of national income and output for a given country's economy. The Trading Economics Application Programming Interface (API) provides direct access to our data. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP.

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