Indicators of economy in 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

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

Imports and Exports 2021

Development of imports and exports in billions of USD 2002 - 2021