Economy in Belgium - Statistics & Facts

What is the current state of the economy in Belgium? To get a clearer picture of the Belgian economic landscape, diverse indicators should be considered. Three relevant indicators include the gross domestic product (GDP), the inflation of consumer prices, and the employment situation.

The gross domestic product measures the value of goods and services that a country has produced within a given period. In 2019, Belgium produced a GDP of 450 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 economy was expanding, presenting a steady growth over the last few years. Furthermore, Belgium ranked 20th worldwide, with one of the largest GDP per capita in 2019.

The Consumer Price Index (CPI) represents the prices of a sample “basket” of consumer goods and services at a specific point in time. In January 2020, the Belgian CPI for services was 114.35, whereas the CPI for goods such as food products reached 108. Inflation is measured by comparing the CPI over months and years. In January 2020, the Belgian CPI stood at 108.17, whereas in December 2019, it amounted to 109.04. In other words, prices faced a 1.41 percent inflation. The inflation rate is an important economic indicator that influences investment decisions. Inflation diminishes the real value of an investment and has repercussions for consumer spending.

In 2019, the job market in Belgium was characterized by an employment rate of 65.3 percent and an unemployment rate of 5.4 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. Overall, Belgium’s current economic landscape is characterized by a growing gross domestic product, moderate inflation, and rising levels of employment.

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Key economic indicators in Belgium

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