Economy in Belgium - Statistics & Facts

In 2021, Belgium produced a GDP of 507 billion euros. This indicator includes consumer spending, housing investments, business & government spending and encompasses the balance between the value of Belgian exports and imports. According to Belgium’s GDP, the Belgian suffered a significant loss in 2020, likely due to the coronavirus (COVID-19) pandemic and its restrictions on society. Nevertheless, in 2021, the Belgian economy recovered significantly, with the fastest annual GDP growth in a decade. As of 2020, Belgium also had the eighteenth-highest GDP per capita in the world.

The Consumer Price Index

The Consumer Price Index (CPI) represents the prices of a sample “basket” of consumer goods and services at a specific point in time and in February 2022, the Belgian CPI stood at 119.07, whereas in February 2021, it amounted to 110.21. Dissecting the Belgian economy further, in February 2022, the Belgian CPI for non-food products rocketed to 122, whereas the CPI for services reached 120.19. Inflation, on the other hand, is measured by comparing the CPI over months and years, as Belgium faced an 8.04 percent inflation, significantly over the two percent goal of the European Central Bank (ECB). This high inflation rate may increase further in the aftermath of the ongoing Russian invasion of Ukraine. Inflation further diminishes the real value of an investment and has repercussions for consumer spending.

Employment and Unemployment

In 2020, the job market in Belgium was characterized by an employment rate of 64.7 percent and an unemployment rate of 5.6 percent. Although unemployment in Belgium faced strong regional differences, in general, the situation was developing positively in the country. Indeed, since 2014, the unemployment rate has been steadily decreasing, with an increase in 2020 due to the impact of the coronavirus (COVID-19) pandemic, putting many workers put into furlough. Overall, Belgium’s current economic landscape is characterized by a growing gross domestic product, escalating inflation and rising levels of employment as the country seeks to recover from the pandemic.

Interesting statistics

In the following 5 chapters, you will quickly find the 32 most important statistics relating to "Economy in Belgium".

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