As a result, the Belgian economy is losing momentum for the second year in a row due to the slowdown internationally, added the Bureau. This page provides - Belgium Government Debt To GDP … Direct access to our calendar releases and historical data. 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. The gross domestic product (GDP) measures of national income and output for a given country's economy. Belgium gdp growth rate for 2019 was 1.40%, a 0.08% decline from 2018. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of … 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. In 2019, the gross domestic product (GDP) of the European Union (EU) stood at around €13 900 billion at current prices. FRED: Download, graph, and track economic data. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). GDP per capita in Belgium averaged 31659.31 USD from 1960 until 2019, reaching an all time high of 47540.90 USD in 2019 and a record low of … All rights reserved.Terms & Conditions. GDP (nominal) of United States has increased by $859 billion in 2019 followed by China with $772 billion. % of GDP 2019 Belgium (red), OECD - Total (black) Find all indicators on Society. We have identified three themes for 2019: Global growth will slow. However, due to restrictions implemented across the world in 2020 to slow down the rapid spread of COVID-19, GDP is now … Publish your articles and forecasts in our website. This satellite photo shows Northwest Europe. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. Projections for Belgium: summary of the main results Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. In 2008, the per capita income (PPP) was $37,500. For example, Belgium’s Exports rank is higher than (please wait...) of the countries in the dataset. Belgium GDP (Gross Domestic Product) was INT$482.95billion for 2019 … Belgium’s economic freedom score is 68.9, making its economy the 48th freest in the 2020 Index. Government Debt to GDP in Belgium averaged 109.22 percent from 1980 until 2019, reaching an all time high of 133.10 percent in 1993 and a record low of 74.10 percent in 1980. Read more. Belgium - Gross domestic product in constant prices growth rate 1.4 (%) in 2019 In 2019, real GDP growth for Belgium was 1.4 %. {"2005":40765975.22, "2006":41852935.29, "2007":43059658.17, "2008":43483873.88, "2009":42276603.86, "2010":43299986.28, "2011":44072523.34, "2012":44139072.85, "2013":44227351.00, "2014":44742996.74, "2015":45511234.00, "2016":46188896.27, "2017":46970874.29, "2018":47644436.62, "2019":48294783.18}, [{"1871":24.16, "1872":25.63, "1873":25.80, "1874":26.65, "1875":26.60, "1876":26.94, "1877":27.28, "1878":28.07, "1879":28.35, "1880":29.77, "1881":30.17, "1882":31.19, "1883":31.64, "1884":31.93, "1885":32.32, "1886":32.72, "1887":33.97, "1888":34.19, "1889":35.84, "1890":36.63, "1891":36.69, "1892":37.60, "1893":38.16, "1894":38.73, "1895":39.64, "1896":40.43, "1897":41.17, "1898":41.85, "1899":42.70, "1900":43.95, "1901":44.35, "1902":45.25, "1903":46.27, "1904":47.46, "1905":48.83, "1906":49.85, "1907":50.58, "1908":51.09, "1909":52.06, "1910":53.42, "1911":54.67, "1912":55.97, "1913":56.71, "1914":53.12, "1915":52.48, "1916":55.52, "1917":47.68, "1918":38.42, "1919":45.33, "1920":52.45, "1921":53.36, "1922":58.58, "1923":60.68, "1924":62.66, "1925":63.63, "1926":65.78, "1927":68.22, "1928":71.79, "1929":71.17, "1930":70.49, "1931":69.24, "1932":66.12, "1933":67.54, "1934":66.97, "1935":71.11, "1936":71.62, "1937":72.59, "1938":70.94, "1939":75.76, "1940":66.74, "1941":63.23, "1942":57.78, "1943":56.45, "1944":59.77, "1945":63.34, "1946":67.08, "1947":71.11, "1948":75.36, "1949":78.43, "1950":82.73, "1951":87.43, "1952":86.75, "1953":89.53, "1954":93.22, "1955":97.64, "1956":100.48, "1957":102.35, "1958":102.23, "1959":105.47, "1960":109.77, "1961":115.33, "1962":121.45, "1963":126.73, "1964":135.62, "1965":140.35, "1966":144.51, "1967":150.07, "1968":157.02, "1969":166.75, "1970":177.86, "1971":184.54, "1972":194.24, "1973":206.13, "1974":214.79, "1975":211.94, "1976":223.92, "1977":225.32, "1978":231.72, "1979":237.15, "1980":247.77, "1981":247.08, "1982":248.55, "1983":249.32, "1984":255.47, "1985":259.69, "1986":264.42, "1987":270.52, "1988":283.30, "1989":293.13, "1990":302.33, "1991":307.87, "1992":312.58, "1993":309.57, "1994":319.56, "1995":327.18, "1996":331.84, "1997":344.24, "1998":350.88, "1999":363.30, "2000":376.63, "2001":379.67, "2002":384.84, "2003":387.94, "2004":400.64, "2005":407.66, "2006":418.53, "2007":430.60, "2008":434.84, "2009":422.77, "2010":433.00, "2011":440.73, "2012":441.39, "2013":442.27, "2014":447.43, "2015":455.11, "2016":461.89, "2017":469.71, "2018":476.44, "2019":482.95}], {"1971":3.8, "1972":5.3, "1973":6.1, "1974":4.2, "1975":-1.3, "1976":5.7, "1977":0.6, "1978":2.8, "1979":2.3, "1980":4.5, "1981":-0.3, "1982":0.6, "1983":0.3, "1984":2.5, "1985":1.7, "1986":1.8, "1987":2.3, "1988":4.7, "1989":3.5, "1990":3.1, "1991":1.8, "1992":1.5, "1993":-1.0, "1994":3.2, "1995":2.4, "1996":1.4, "1997":3.7, "1998":1.9, "1999":3.5, "2000":3.7, "2001":0.8, "2002":1.4, "2003":0.8, "2004":3.3, "2005":1.8, "2006":2.7, "2007":2.9, "2008":1.0, "2009":-2.8, "2010":2.4, "2011":1.8, "2012":0.2, "2013":0.2, "2014":1.2, "2015":1.7, "2016":1.5, "2017":1.7, "2018":1.4, "2019":1.4}. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Domestic demand will be the main driver of growth. Visible are the Republic of Ireland (top leftmost), the United Kingdom (top left), France (middle left), Belgium (middle), the Netherlands (top middle), Germany (right), Denmark (top right), Luxembourg (between France, Germany, and Belgium), Switzerland (bottom … October 30, 2019 The economy grew 0.4% quarter-on-quarter in seasonally-adjusted terms in the third quarter, according to a first estimate released by the National Bank of Belgium (NBB) on 30 October, up from the upwardly revised 0.3% qoq s.a. expansion recorded in the second quarter (previously reported: +0.2% … Growth in the Belgian economy is not expected to surpass 1.1% in 2019 and 2020, according to forecasts by the Federal Planning Bureau. 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 gdp for 2018 was $586.09B, a 0.74% increase from 2018. In 2019, GDP per capita for Belgium was 46,237 US dollars. Underlying price inflation will pick up … Most American countries use a national income accounting standard that fails to record the informal economy. Government Expenditures for Belgium from National Bank of Belgium - Belgostat (BNB) for the Quarterly Government Account release. 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. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. 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). Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. The Belgian economy is set to grow by an average 1.2% in the coming years and households’ purchasing power picks up 07 June 2019 12:00 Brussels, 7 June 2019 – Economic activity in Belgium is expected to grow by about 1.2 % annually over the next three years. Belgian per capita GDP ranks among the world's highest. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. GDP is the sum of gross value added by all resident producers in the economy … October 29, 2020. The Gross Domestic Product per capita in Belgium was last recorded at 47540.90 US dollars in 2019. Gross Domestic Product. Nominal GDP does not take into account differences in the cost of livingin different countries, and the results can vary greatly from one year to anothe… The statistic shows the growth in real GDP in Belgium from 2015 to 2019, with projections up until 2025. Top Losers in 2019: Out of 193 economies estimated by IMF, GDP of 72 economies has decreased in 2019 compare to 2018. GDP Belgium second quarter of 2020 Quarterly GDP improves in Belgium … Belgium Q3 GDP Rebounds More than Initially Thought, Belgium Inflation Rate Drops to 6-Month Low in November, Belgium Business Morale Drops Back to 4-Month Low, Belgium Consumer Confidence Improves in November, Belgium Current Account Balance Swings to Surplus in Q2, Belgium Producer Price Deflation Eases in August, Belgium Construction Output Falls the Most since 1993, Belgium Industrial Output Rises the Most Since 2010, Belgium Posts Smallest Trade Surplus in 5 Months, Oil Rallies after OPEC Announce Production Cut, Uruguay Inflation Rate Eases to 8-Month Low, Armenia Inflation Rate Rises to 1.6% in November, South Africa Stocks End at Over 10-Month High. Inflation in 2020 will barely reach 0.3%, mainly owing to the fall in energy prices. The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. OECD Economic Surveys: Belgium 2020 Publication (2020) International Trade by Commodity Statistics, Volume 2019 Issue 3 Publication (2019) Belgium: Industrial activity falls at sharper … It is estimated that the application of the latest standard would add US$824 billion. ... 2019: 247,877 2018: 240,154 Series Information. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. source: World Bank 10Y 25Y Belgium recorded a government debt equivalent to 98.60 percent of the country's Gross Domestic Product in 2019. The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. GDP (Nominal), GDP (PPP), GDP (Nominal) per capita, GDP (PPP) per capita, GDP Growth and rank in 2019. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. World Economics Limited. In real terms, the EU’s GDP in 2019 was 17% higher than its level one decade earlier. 134 economic data series with tags: Belgium, GDP. Download historical data for 20 million indicators using your browser. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. 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. The GDP value of Belgium represents 0.44 percent of the world economy. India, Japan, and Indonesia are third, fourth and fifth largest contributer, respectively. According to the 2019 Best Countries report, people Belgium are seen as caring about the environment and human rights. Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. 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. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. 1960-2019 Data | 2020-2022 Forecast | Historical | Chart | News. © World Economics Limited. Belgium gdp growth rate for 2017 was 1.90% , a 0.43% increase from 2016. All rights reserved. The GDP of Belgium, Luxembourg, and the Netherlands combined (Benelux) amounted to 1.3 trillion euros in 2019. The Trading Economics Application Programming Interface (API) provides direct access to our data. The European Commission expects a deceleration of GDP growth to 1 % for 2020 and 2021. By 2022 it is expected to rise to 1.8 %. In our first edition of 2019, we look ahead to the trends we expect to come to the fore in the global economy in the year to come. The federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. The government deficit for 2020 is estimated at 10.6% of GDP and although it will diminish thereafter, it will still amount to around 6% of GDP. Publications related to Belgium. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. Today, Belgium is a member of the five institutions that form the World Bank Group. Though Belgium GDP per capita fluctuated substantially in recent years, it tended to increase through 2000 - 2019 period ending at 46,237 US dollars in 2019. BELGIUM Economic growth slowed in 2018 and is projected to remain at around 1½ per cent in 2019 and 2020. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. GDP per capita is gross domestic product divided by midyear population. The GDP per Capita in Belgium is equivalent to 376 percent of the world's average. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. Belgium gdp growth rate for 2018 was 1.49% , a 0.42% decline from 2017. Though Belgium real GDP growth fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 1.4 % in 2019. GDP PPP based on: 2011 International Dollars. 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