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Indicators of economy in Belgium

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Belgium reached 45.159 US dollars per inhabitant, or 521.86 bn US Dollar in the whole country. Belgium is therefore currently ranked 23 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Belgium is in the list of the world's richest countries in place 21.

Inflation in Belgium was in 2021 at around 2.44%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 1.8% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Belgium

Impact of the Covid-19 pandemic in 2020

Overall, the gross domestic product in Belgium in 2020 decreased moderatly from 535.29 billion US Dollar to 521.86 billion US Dollar. Certainly, there have been shifts in some sectors of the economy, but a minus of 2.5% is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 30 percent. The unemployment rate rose from 5.4 to 5.6 percent. The country's gross debt increased by 12.5%. The inflation rate has fallen from 1.4 percent previously to 0.7 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Belgium
Total
Belgium
per capita
EU
Total
EU
per capita
GDP521.86 bn USD45,159.35 USD15,291.93 tn USD29,692.11 USD
Gross national product528.77 bn USD45,757.29 USD15,330.84 tn USD29,767.66 USD


Belgium ranked 14th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 9 of the 2000 largest listed companies in the world originate from Belgium. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country were in 2021:

Rank 257: KBC Group (Brussels)
Rank 377: Anheuser-Busch InBev (Leuven)
Rank 527: Ageas (Brussels)
Rank 1014: UCB (Brussels)
Rank 1292: Solvay (Brussels)
Rank 1311: Umicore (Brussels)
Rank 1384: Sofina (Brussels)
Rank 1506: Colruyt (Halle)
Rank 1827: Proximus (Brussels)

Development of the Gross domestic product in billion US Dollar 1960 - 2020


Household debt and deficits 2020


 Belgium
Total
Belgium
per capita
EU
Total
EU
per capita
Gross debt588.50 bn USD50,926.36 USD13,783.28 tn USD26,762.78 USD
Budget deficit47.32 bn USD4,095.08 USD1,053.73 bn USD2,046.02 USD


Im- and Exports 2020

 Belgium
Total
Belgium
per capita
EU
Total
EU
per capita
Imports410.26 bn USD35,502.02 USD7,340.01 bn USD14,251.98 USD
Exports417.52 bn USD36,130.28 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 2002 - 2020

Exports
Imports



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