Indicators of economy in Belgium
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Belgium, on the other hand, reached USD 51,247 per capita, or 594.10 billion USD for the whole country. Belgium is therefore currently ranked 23 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Belgium ranks 18th in the list of the richest countries.Inflation in Belgium in 2022 was around 9.60%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 73, which is above average by global standards.
Back to overview: Belgium
Impact of the COVID-19 pandemic
Overall, the gross domestic product in Belgium in 2020 decreased moderatly from 535.83 billion US dollars to 525.21 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 2.0 percent 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 percent. The inflation rate fell from 1.4 percent previously to 0.7 percent by the end of 2020.In 2021, there was already a recovery and the gross domestic product increased to 594.10 billion US dollars (=110.9% of 2019).
Income and purchasing power
The average monthly income in Belgium is 4,208 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 12.3 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Belgium than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 18.8 percent less.However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Unemployment rates in percentages 1991 - 2022
Economic performance 2021
Belgium Total | Belgium per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 594.10 bn USD | 51,247.01 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 585.38 bn USD | 50,494.08 USD | 16.895 tn USD | 32,835.37 USD |
In the Global Innovation Index, Belgium ranked 26th in 2022 with 46.9 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 7 originate from Belgium. This is determined annually in the Forbes Global 2000 list. The 7 largest companies in the country in 2022 were:
Rank 93: Anheuser-Busch InBev (Leuven)
Rank 307: KBC Group (Brussels)
Rank 715: Ageas (Brussels)
Rank 969: Solvay (Brussels)
Rank 1065: UCB (Brussels)
Rank 1198: Umicore (Brussels)
Rank 1329: Sofina (Brussels)
Development of gross domestic product in billions of USD 1960 - 2021
Household debt and deficits 2022
Belgium Total | Belgium per capita | EU Total | EU per capita | |
---|---|---|---|---|
Gross debt | 608.25 bn USD | 52,467.65 USD | 13.976 tn USD | 27,163.16 USD |
Budget deficit | 22.48 bn USD | 1,938.74 USD | 560.78 bn USD | 1,089.90 USD |
› Debt budget development
› Development of inflation
› Corruption in Belgium
› Cost of living in a global comparison
› Development of inflation
› Corruption in Belgium
› Cost of living in a global comparison
Imports and Exports 2021
Belgium Total | Belgium per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 512.92 bn USD | 44,244.50 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 513.53 bn USD | 44,296.67 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 2002 - 2021
Exports
Imports