Over the past five years, economic growth averaged around 1.7% and was accompanied by strong employment growth (Figure A). The entire content only exists in these 2 languages. Exports and external demand breakdown and trade openess 46 I.2.25. Belgium: Economy enters recession in Q2 August 31, 2020 GDP shrank 12.1% on a seasonally-adjusted quarter-on-quarter basis in Q2, following Q1’s 3.5% decline and marking the sharpest contraction on … It is also important to note that 70.9 % of Belgian exports are directed to the European Union market. “We are aiming for a stimulus plan of between 10 to 20 billion euros,” Thomas Dermine, State Secretary for Strategic Investments explained in a column for L’Echo. 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. October 29, 2020. Belgium is a economically developed country with high GDP (Gross Domestic Product) growth rate and a strong member of OECD. Today, Belgium is a member of the five institutions that form the World Bank Group. Education Latest Trend Ranking; Education spending Indicator: 17 320 Tertiary US dollars/student 2015 Belgium US dollars/student: Tertiary US dollars/student 2005-2015 Belgium (red) World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita Belgium ranked first for trade balance with US per million amongst Cold countries in 2003. The economy of Brussels' city is dominated by activities within the service and public service industries.. Employment, hours worked and GDP … Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Themes Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Belgium’s tax, labour, pension and education reforms have improved the potential for stronger, sustainable and inclusive growth over the long term. Top 10 Export Countries. Nevertheless, robust job creation has led … Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. Although exports to countries belonging to the euro area were not significantly higher, Belgium’s deliveries to countries that do not belong to the euro area registered good results: +10.8% in Bulgaria, +10.2 % in Lithuania and +10.1% in Latvia. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. The most important sectors of Belgium’s economy in 2018 were public administration, defence, education, human health and social work activities (22.1%), wholesale and retail trade, transport, accommodation and food services (19.4%) and industry (16.7%). In spite of its small size, Belgium's economy has consistently placed among the top 20 economies of the world and remains strong. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. This page provides forecast and historical data, charts, statistics, news and updates for Belgium Exports of Goods and Services. 11/04/2020 Additional socio-economic and health measures in the fight against covid-19Additional socio-economic and health measures in the fight against covid-19 Exports are set to plunge in 2020, reflecting weak external demand, and are expected to rebound strongly in 2021 and 2022 as the global economy recovers. Employment expectations, Commission surveys, euro area 48 I.2.28. However, some sections are also available in German and/or English:. GDP (Nominal) and GDP (PPP) of european countries by IMF. GDP 5growth has slowed since 2018, reflecting weaker exports as world trade decelerated. Exports of Goods and Services for Belgium from National Bank of Belgium - Belgostat (BNB) for the Gross domestic product release. Belgium ranked 7th last for GDP > composition by sector > industry amongst High income OECD countries in 2012. The economy benefits from a strong communication infrastructure and a highly qualified workforce. EU economy: fear of no-deal Brexit stalks the fields of Flanders Tariffs and quotas would hit Belgium’s Dutch-speaking north, one of the regions most closely integrated with the UK Save This rate is 225 -tenths of one percent higher than the figure of -11.8% published in the first quarter of 2020. The export of goods and services accelerated by 0.8 percentage points. Reflecting Belgium’s position as a trade hub, imports are forecast to evolve in line with exports. Belgium: Industrial activity falls at sharper pace in August. Also note that Belgium’s export metrics include a significant amount of re-exporting activity. October 9, 2020 Gross Domestic Product of Belgium grew 10.7% in the second quarter of 2020 compared to the previous quarter. GDP > Per $ GDP: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. Net exports are expected to have a negative contribution to GDP growth. Belgium has weathered the crisis relatively well and is now again growing at pre-crisis rate. The year-on-year change in GDP was -5.1%, 88 -tenths of one percent more than the -13.9% recorded in the second quarter of 2020. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. In 1999, the nation ranked number 11 among the world's top exporters. The IMF forecasts that the Belgian economy will contract by 6.9% this year, whereas the economy contracted 2% in 2009 after the global financial crisis. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The Brussels Capital Region accounts for nearly 9% of all exports from Belgium, and service industries add another 9%. The economy of Belgium is primarily based on industries and services like transportation, coal mining, steel, real estate and chemical industry. Belgium ranked #13 for GDP amongst Europe in 2012. Exports of goods and services (% of GDP) (2019) 81.73%: Imports of goods and services (% of GDP) (2019) 81.56%: Trade Partners . I.2.24. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. That 78.3% for exports to overall GDP in PPP for 2019 compares to 84.8% for 2018 This suggest a relatively decreasing reliance on products sold on international markets for Belgium’s total economic performance albeit based on a short timeframe. Trade and economy. Despite the heavy industrial component, services account for 74.9% of GDP, while agriculture accounts for only 1% of GDP. Belgium ranked #4 for human development index amongst European Union in 2006. On a per capita basis, Belgium exports twice as much as Germany and 5 times as much as Japan. GDP (current US$) GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. -10-8 81.8 Exports % of GDP 2019 Belgium % of GDP: Exports % of GDP 2000-2019 Belgium (red) Exports % of GDP 2019 Belgium (red) Find all indicators on Economy. Besides the human costs, the economic costs in Belgium is also expected to be colossal. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Latest official GDP figures published by the World Bank. Belgium is targeting a budget of up to €20 billion to kickstart its economy once the pandemic is under control. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Export Partners. Nevertheless, foreign trade is essential for Belgium. While the growth rate of business investment is expected to steadily normalise and net exports will gradually weigh more heavily on growth, household consumption is projected to rise more strongly than in the last few years. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. Belgium’s economy is expected to grow by 1.8% in 2018. Keeping up this momentum on structural reforms is key to energise the economy. Some of the important companies include Volkswagen manufacturing plant (thousands of people are working at its production plant), Toyota Motor and DaimlerChrysler. Jobs, jobs, jobs In 2013, Belgium exports to the other EU Member States increased by 1.9%. Belgium, for the time being, is second after San Marino regarding death per capita caused by Covid-19. Country Export USD$ Germany: $79,659,320,111: France: ... Belgium × The Site. Brussels, 7 June 2019 – Economic activity in Belgium is expected to grow by about 1.2 % annually over the next three years. Absence from work, EU 47 I.2.27. According to Belgium’s GDP, the Belgian economy was expanding, presenting a steady growth over the last few years. This site only offers 2 language choices : French or Dutch. Exports of goods and services (% of GDP) from The World Bank: Data As an open economy, Belgium benefits from the revival of world trade and the recovery in the euro area. Population figures based on United Nations data. 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