belgium economy 2019

Liège is also a very important logistic center: the city possesses the third largest river port in Europe, directly connected to Antwerp, Rotterdam and Germany via the Meuse river and the Albert Canal. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. Belgium is the third-most taxed country in Europe, a new study by the OECD based on figures from 2019 shows. 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. October 29, 2020. Many slag heaps still surround the city. Together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states. It is also the main hub and the headquarters of TNT Airways. 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. The Belgian Government reacted to the 1973 and 1979 oil price hikes by hiring the redundant work force into the public sector and subsidizing industries like coal, steel, textiles, glass, and shipbuilding, which had lost their international competitive edge. Industry is concentrated mainly in the pop… Other industrial and service activities include car manufacturing, telecommunications, photographic products. Charleroi features an industrial area, iron and steel industry, glassworks, chemicals, and electrical engineering. In contrary to what was expected, the N-VA only has four ministers (instead of five), while CD&V has three (instead of only two). Belgium wants to urge China, as the second largest economy in the world, to take its responsibility for safeguarding and modernising the WTO. Their output is counted in Brussels and not where they live, artificially raising the per capita GDP of Brussels and slightly lowering that of Flanders and Wallonia. Moderate to poor scores for infrastructure (primarily transport, road, and rail infrastructure) and macro-economic stability (mainly high levels of national debt) lowered the country’s total score. Download Historical Data Save as Image. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. As in other industrialized nations, pension and other social entitlement programs have become a major concern as the baby boom generation approaches retirement. 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. The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 15 in November, improving from October’s minus 17, despite the lockdown imposed on 2 November. Twitter Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Gross domestic product (GDP) 1.4 1. Online Store This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. 88 . Belgium is at the very top of the European hit parade when it comes to the best locations for industry and logistics. [18], About 80% of Belgium's trade is with fellow EU member states. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. The wide range of registered companies and the extensive programme reflect the great interest of our companies, universities and research centres in the opportunities that China has to offer. In 2008, the per capita income (PPP) was $37,500. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the economic growth rate. On a per capita basis, Belgium exports twice as much as Germany and 5 times as much as Japan. 1. [26] It also is the world's largest port for the import and export of new vehicles. 1.2 0.9 1.2 . The Belgian economy also is inextricably tied to that of Europe. Government consumption . However, GDP growth was less robust in Belgium than in the European Union (+2 %) or even in the Euro area (+1.9 %). Charleroi is in the center of a vast coal basin, called Pays Noir. Economy | November 3rd 2020 Belgium’s GDP recovers by 10.7% in Q3 The rebound is much stronger than anticipated, but we expect negative growth in the fourth quarter. Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Its inception drew immediate controversy, with companies like Uber and Deliveroo praised by some and demonised by others for their revolutionary and atypical ways of working. The focus on social entrepreneurship and the composition of the Deloitte team means that we can really make an impact that matters with a very hands-on project. Annually about 2.5 million day tourists visit the city and in 2007 there were about 1.4 million overnight stays. The Circular Economy Hotspot highlights and promotes the endeavours of companies and organisations that are fostering innovation in the field of circular economy. However, thanks to Belgium's high personal savings rate, the Belgian Government financed the deficit from mainly domestic savings, minimizing the deleterious effects on the overall economy.[18]. 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. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. Economic growth and foreign direct investment dropped in 2008. In spite of its small size, Belgium's economy has consistently placed among the top 20 economies of the world and remains strong. | Belgium Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %), Industrial Production (annual variation in %), Inflation Rate (HICP, annual variation in %, eop), Inflation Rate (HICP, annual variation in %), Belgium: Consumer sentiment improves in November; business pessimism continues to ease in October, Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4, Belgium: Industrial activity falls at sharper pace in August, Belgium: New government sworn in, breaking 16 months of political gridlock, Belgium: Consumer sentiment improves in September; businesses pessimism eases. The Belgian economy also is inextricably tied to that of Europe. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. This page has economic forecasts for Belgium including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Belgium economy. Being the de facto European capital, its economy is massively service-oriented. A new passenger terminal was opened in 2005. These 72 economies account for almost 35% of the world economy. Indeed, Flemish and Walloon economies differ in many respects (consider for instance Eurostats and OECD statistics), and cities like Brussels, Antwerp, Liège, Bruges, Charleroi or Ghent also exhibit significant differences. [27] Tourism is also a major component of the economy of Bruges. With 632 participants, it will be the largest economic mission ever. It is also host to a great number of European institutions, in addition to the Belgian federal government, the government of the Flemish Community and the government of the French Community. Belgium is the world's largest producer of begonias, planting 60 million tubers per year. Attracted by the EU 1992 single-market program, many foreign firms and lawyers have settled in Brussels since 1989. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s.[18]. The industrial complex of Seraing was the largest in the world. Competitiveness Rank in Belgium averaged 19.08 from 2007 until 2019, reaching an all time high of 24 in 2007 and a record low of 15 in 2012. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. Unemployment in Wallonia is mainly structural, while in Flanders it is cyclical. Industrial production collapsed 6.5% year-on-year in seasonally-adjusted terms in August (July: -0.9% s.a. A new Belgian government was sworn in on 1 October after 16 months of political deadlock. Belgium: Industrial activity falls at sharper pace in August. The majority of these people (73%) work in the service sector. Belgium’s economic freedom score is 68.9, making its economy the 48th freest in the 2020 Index. Eighty percent of the crop is exported.[28]. Although now a shadow of its former self, steel production and the manufacture of steel goods remain important. In 1992–93, the Belgian economy suffered the worst recession since World War II, with the real GDP declining 1.7% in 1993. In 2006 Liège Airport was the 8th most important cargo airport in Europe. During the visit, we will discover the project, the urban-adapted production spaces Microfactory and also the companies working on waste in RecyK. 1.1.4 3. Based on the average exchange rate for 2019, Belgium uses the euro which appreciated by 0.9% against the US dollar since 2015 but declined by -5.5% from 2018 to 2019. Belgium began circulating the euro currency in January 2002. The next 12 months could determine if the wave of nationalism will rise or recede Published: January 9, 2019 Author: James A. Haley; In the past few years, anti-globalization populism emerged as a potent political force in several advanced economies. About It is Europe's largest port for RoRo traffic[25] and natural gas. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Belgium gdp growth rate for 2016 was 1.48%, a 0.55% decline from 2015. Get a sample report showing our regional, country and commodities data and analysis. Government deficit is estimated at -1.4% of GDP in 2019, and is likely to remain stable in the coming years, but the National Bank of Belgium expects a gradual rise to -2.8% by 2022, driven by the end of some temporary factors related to corporate taxation. The older, traditional industries of Wallonia, particularly steel industry, began to lose their competitive edge during this period, but the general growth of world prosperity masked this deterioration until the 1973 and 1979 oil price shocks and resultant shifts in international demand sent the economy into a period of prolonged recession. Economic growth rose from 2% in 1984 to a peak of 4% in 1989. The economy of Belgium is varied and cannot be understood without taking the regional differences into account. Twitter Belgiumis the first country to undergo an industrial revolution on the continent of Europe in the early 19th century and has since developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbours. GDP growth is forecast to slow further in 2019 and 2020, due to … The European Commission negotiates on trade issues for all member states, which, in turn lessens bilateral trade disputes with Belgium.[18]. [18] About three-quarters of its trade is with other EU countries. For example, Belgium’s Exports rank is higher than (please wait...) of the countries in the dataset. 2019 Belgium US dollars/capita: Total US dollars/capita 2000-2019 Belgium (red), OECD - Total (black) Total US dollars/capita 2019 Belgium (red) Trade in goods and services Indicator: 81.8 Exports % of GDP 2019 Belgium % of GDP: Exports % of GDP 2000-2019 Belgium (red) Exports % of GDP 2019 Belgium … Real Economy Target World ... Belgium, May 26, 2019. A total of 4.99 million people make up Belgium's labor force. With regional devolution, Flanders, Brussels, and Wallonia are now courting potential foreign investors and offer a host of incentives and benefits. In response to the evolving marketplace, the gig economy was born. From 17 to 22 November, Princess Astrid, representing the King, will lead a Belgian economic mission to China. 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. The Antwerp-based BASF plant is the largest BASF-base outside Germany, and accounts on its own for about 2% of Belgian exports. ... Share of economic sectors in the GDP in Belgium 2019. [18] Industry is concentrated mainly in the populous Flanders in the north, around Brussels and in the two biggest Walloon cities, Liège and Charleroi, along the sillon industriel. On Monday 18 November, the Hotspot will start at 5pm at the Brussels City Hall. This economic mission takes place in a clouded international climate: crisis of the multilateral trade system, the race for technology and tariff wars between the world's largest economies: the US and China. The GDP value of Belgium represents 0.44 percent of the world economy. Gross fixed capital formation 3.8 1 7 1.4. Click on the button below to get started. One quarter (26 %) of people aged 15-64 in Belgium who are severely hampered by a disability or long-standing health problems have a job. Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Among top ten largest economies, five show decline in current GDP figure. Belgium gdp growth rate for 2017 was 1.90%, a 0.43% increase from 2016. [18], Foreign investment contributed significantly to Belgian economic growth in the 1960s. The economy of Belgium is a modern, capitalist economy that has capitalised on the country's central geographic location, highly developed transport network, and diversified industrial and commercial base. Nonetheless, most traditional industrial sectors are represented in the economy, including steel, textiles, refining, chemicals, food processing, pharmaceuticals, automobiles, electronics, and machinery fabrication. The Global Economy in 2019. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. Google+, © Copyright: 2020. Brussels' GDP per capita is much higher than either region, although this is in many ways artificial, as many of those that work in the Brussels-Capital Region live in Flanders or Wallonia. The following table shows the main economic indicators in 1980–2017. October 30, 2019. Press We expect real GDP to contract in 2020, owing to the economic fallout caused by the outbreak of the novel coronavirus and a recovery to annual growth in 2021. Publications related to Belgium. 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. Unemployment has remained consistently more than twice as high in Wallonia than in Flanders, and even more in Brussels, during most of the last 20 years (2012: Flanders: 4.55%; Wallonia: 10.12% and Brussels: 17.47%[21]). This disparity began to fade during the interwar period. The corresponding results for the euro area are published on a dedicated webpage on the ECB’s website. My Cart The country has been a member of a variety of supranational organizations, including the Belgium-Luxembourg Economic Union (BLEU), the Benelux Economic Union, and the EU. Economic Overview. Antwerp is the first diamond market in the world, diamond exports account for roughly 1/10 of Belgian exports. 5 years of Belgium economic forecasts for more than 30 economic indicators. [citation needed]. [18] Foreign companies in Belgium account for approximately 11% of the total work force, with the U.S. Belgium economic growth for 2018 was $581.80B, a 0.52% increase from 2018. The government has balanced the budget every year since, until 2009 where it ran a deficit of about $25 billion. Belgium’s federal government is allocating an additional €200 million to hospital staff, and implementing and expanding a broad support package of measures to help the economic sector through the second coronavirus lockdown. Recy-K is an experimentation space operationalized by Agence Bruxelles-Propreté, the Brussels Agency in charge of waste collection and treatment. 11:15-12:30 : Visit of Recy-K and circular economy companies. The Belgian Office for Intellectual Property (OPRI) is a public service of the federal government. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. [30], Media related to Economy of Belgium at Wikimedia Commons, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2020", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Euro area and EU27 government deficit both at 0.6% of GDP", "Scope affirms Belgium's rating at AA and revises the Outlook to Negative", https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart, "Le marché du travail en chiffres absolus", "GDP per inhabitant in 2006 ranged from 25% of the EU27 average in Nord-Est in Romania to 336% in Inner London", "Taux de chômage stable (20,6%) mais augmentation du nombre de chercheurs d'emploi sur base annuelle", https://books.google.co.uk/books?id=7dnVBqWvFmQC&pg=PA301&lpg=PA301&dq=Charleroi+slag+heaps&source=bl&ots=qv_vTJIkaj&sig=ACfU3U2B-Ag0dUk8TT6gQXPTEimVu9AwFg&hl=en&sa=X&ved=2ahUKEwi4iLjImd7oAhXSZxUIHaBfBEI4FBDoATACegQIChAB#v=onepage&q=Charleroi%20slag%20heaps&f=false, "Report for Selected Countries and Subjects", https://www.cia.gov/library/publications/the-world-factbook/index.html, World Bank Summary Trade Statistics Belgium, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Belgium&oldid=988635496, Articles with dead external links from September 2017, Articles with permanently dead external links, Articles with dead external links from June 2016, Short description is different from Wikidata, Articles containing potentially dated statements from 2006, All articles containing potentially dated statements, Articles with unsourced statements from August 2012, Wikipedia articles incorporating text from the World Factbook, Wikipedia articles incorporating text from the United States Department of State Background Notes, Creative Commons Attribution-ShareAlike License, engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum, chemicals, machinery and equipment, finished diamonds, metals and metal products, foodstuffs, raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products, Officially the Republic of China, participates as ", This page was last edited on 14 November 2020, at 10:24. Belgium's accumulated public debt remains high at 99% of 2009 GDP. GDP growth amounted to 1.6 % in the third quarter of 2019 y-o-y, at the faster pace as the one observed during the previous quarter (1.3 %) mainly due to a higher contribution to GDP growth from consumption expenses (public and private). With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Flanders' unemployment levels are generally only about half those of Walloon. One quarter (26 %) of people aged 15-64 in Belgium who are severely hampered by a disability or long-standing health problems have a job. The focus on social entrepreneurship and the composition of the Deloitte team means that we can really make an impact that matters with a very hands-on project. Liège has also been an important centre for gunsmithing since the Middle ages and the arms industry is still strong with the headquarters of FN Herstal. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. The national unemployment figures mask considerable differences between Flanders and Wallonia. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. The Flemish Government is the executive branch of both the Flemish Region and the Flemish Community.. The port of Bruges-Zeebrugge is one of the most important, modern and fastest growing[24] ports in Europe. Data Source: World Bank - … Read more. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. 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. [19], For 50 years through World War II, French-speaking Wallonia was a technically advanced, industrial region, with its industry concentrated along the sillon industriel, while Dutch-speaking Flanders was predominantly agricultural with some industry, mainly processing agricultural products and textiles. Despite the heavy industrial component, services account for 74.9% of GDP, while agriculture accounts for only 1% of GDP.[18]. 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). Enough to offset the impact of weakening private consumption growth Belgium switched the...: world Bank Group enterprises & government agencies now to 1 % for 2020 and 2021 service sector from.! 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Press Online Store My Cart Client Log in, Facebook Twitter LinkedIn Google+, ©:... And 2020 more than 30 economic indicators in 1980–2017 Europe, a new study the! Remains high at 99 % of Belgian exports and remains strong statistical office, based on ECB. Total of 4.99 million people make up Belgium 's trade is with fellow EU member.. Charleroi features an industrial area, iron and steel industry given this high percentage, it will be in. A sample report showing our regional, country and commodities data and analysis by 1.6 points, by. The per capita GDP ranks among the top 20, coming 16th Google+ Facebook. Economy the 48th freest in the first quarter of 2020 infrastructure and a highly qualified workforce its own for 2! City, near the University of Liège campus, houses spin-offs and high businesses... Oecd - total ( black ) Find all indicators on Society at very! 2019 in PPP terms visit, we will discover the project, the nation ranked 11. 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