Not a lot is exported, but chocolate and processed foods are some agriculture-related items that are exported. Belgium’s outward investment (equivalent to 95% of GDP in 2015) was almost the same size as its inward investment (98%). By contrast, the difference was much lower in Belgium, Finland, France, Malta, Slovenia and Italy where average personnel costs per person employed for people working in the ICT sector were no more than 50 % higher than for the whole of the non-financial business economy. New, Everything you need to know about the industry development, Find studies from all around the internet. However, thanks to Belgiu… A hard brexitwould also have a major impact on EU-27 Textiles industry with nearly 130 000 jobs lost. 2. Belgium has Europe’s eighth biggest chemical industry, generating five percent of the value created by the sector across the continent. About 40% of Belgian land is specifically for agriculture . Belgium gdp growth rate for 2017 was 1.90%, a 0.43% increase from 2016. According to a study commissioned by the Government on the immediate effects on the economy, in the months following the attacks, the unemployment rate in the catering sector grew by 186% and in the hospitality industry by 157%. Following the revision, Belgium's GDP contracted 11.8% in the second quarter compared with a first estimate of a 12.2% decline. Please note that OECD reference year from 2010 to 2015 changed on Tuesday 3rd of December, 2019. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. The economy of Belgium is a modern, capitalist economy that has capitalised on the country's central geographic location, highly developed transport network, and diversified industrial and commercial base. The distribution gives the percentage contribution of agriculture, industry , and services to total GDP, and will total 100 percent of GDP if the data are complete. All Countries and Economies. By 2022 it is expected to rise to 1.8 %. BELGIUM TRADE AND INVESTMENT STATISTICAL NOTE Over one-third (34% in 2014) of economic activity (GDP) in Belgium depends on foreign markets, around the same as in the Netherlands and Austria. As in many IEA member countries, a major challenge for Belgium is to decarbonise the economy while ensuring security of supply and affordability of energy. The country has been a member of a variety of supranational organizations, including the Belgium-Luxembourg Economic Union (BLEU), the Benelux Economic Union, and the EU. Please refer to the dataset Gross domestic product (GDP), 2019 archive to access longer time series based on the methodology prior to the 2019 benchmark revisions. This feature is limited to our corporate solutions. Methodology. The vast majority of investment in the EU-27 was made by the private sector, as can be seen from Table 5: in 2019, investment by businesses and households accounted for 19.4 % of the EU-27’s GDP, whereas the equivalent figure for public sector investment was 3.0 %. October 29, 2020. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. The services sector accounts for a large portion of GDP in the export-driven economy. It also has found that the difference in GDP contributions between … Belgium is number one in the world in sales of chemicals and plastics per capita, ten percent of all chemical industry employees worldwide are in Belgium, and Flanders has Europe’s largest petrochemical cluster. Updated as of 2019. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: Number of companies in France 2017, by number of employees, Number of companies created in France 2018, by business sector, Number of companies in France 2017, by size. The sectoral organisation Assuralia has reached an agreement on this issue, which was facilitated by the National Bank, with the backing of the FSMA and the Federal Government. Read more. 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. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. Belgian economy and banking sector: national currency, GDP, inflation rate, unemployment rate, government bond yield, withholding tax rates, double taxation agreements, information exchange, FATCA, deposit guarantee, banking sector structure, deposit rates, major banks, banking products All OECD countries compile their data according to the 2008 System of National Accounts (SNA). Directly accessible data for 170 industries from 50 countries Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. The vast majority of investment in the EU-27 was made by the private sector, as can be seen from Table 5: in 2019, investment by businesses and households accounted for 19.4 % of the EU-27’s GDP, whereas the equivalent figure for public sector investment was 3.0 %. sector to the Belgian GDP and its positive effects on domestic employment are the result of a great number of key competitive advantages that Belgium has to offer, such as geographical location, infrastructure and accessibility. CSV XML EXCEL. As a result, 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 services sector accounts for a large portion of GDP in the export-driven economy. "Gross Domestic Product (GDP) in Belgium in 2018, by economic sector (in million euros)." Belgium gdp growth rate for 2018 was 1.49%, a 0.42% decline from 2017. These indirect effects are estimated via two variables: employment and value added. GDP fell 5.2% on year in the third quarter on a calendar and price-adjusted basis, the National Bank of Belgium said. Download Historical Data Save as Image. Latest official GDP figures published by the World Bank. Facts and statistics about the GDP - composition by sector of Belgium. This indicator is based on nominal GDP (also called GDP at current prices or GDP in value) and is available in different measures: US dollars and US dollars per capita (current PPPs). A possibility of even worse outcomes. The figures are based on nominal GDP and GDP (PPP) … De implementatie van de GDP-richtlijnen doorheen de gehele supply chain is een minimumvereiste voor alle logistieke spelers in de farmaceutische sector. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. We expect real GDP to contract in 2020, owing to the economic fallout caused by the outbreak of the novel coronavirus and a recovery to annual growth in 2021. Gross Domestic Product of Belgium grew 10.7% in the second quarter of 2020 compared to the previous quarter. Belgium ranked 7th last for GDP > composition by sector > industry amongst High income OECD countries in 2012. Na afloop van deze training: Gross Domestic Product (GDP) in Belgium in 2018, by economic sector (in million euros) [Graph]. Even this bleak outlook is subject to great uncertainty and significant downside risks. Gibraltar has 100% of gdp in services sector, other two sectors has zero output. Please authenticate by going to "My account" → "Administration". Belgium boasts a dense network of rails and roadways and Europe’s second-busiest port, Antwerp. Main points. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. Gross domestic product (GDP) As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Belgium from The World Bank: Data. Chad has lowest 27% contribution by services sector in its economy. Data Source: World Bank MLA Citation: Read more. 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. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita The GDP value of Netherlands represents 0.76 percent of the world economy. New, Figures and insights about the advertising and media world, Industry Outlook Statista. Learn more about how Statista can support your business. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. Please note that OECD reference year from 2010 to 2015 changed on Tuesday 3rd of December, 2019. In fact, some sectors of the Belgian economy have come to be dominated by foreign firms. Population figures based on United Nations data. Source: CIA World Factbook - This page was last updated on Friday, November 27, 2020. Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook Economic Survey of Belgium 2020. 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 last decades, added value of the manufacturing industry to the Belgian GDP continued to slip. Gross domestic product growth in Wales was 0.3% in Quarter 4 (Oct to Dec) 2018. It is a quintessential ^small open economy _: ^small _, with a gross domestic product (GDP) of 410.3 billion euro in 2015, accounting for 3% of the total GDP of the European Union and open _ with a level of openness3 of 82% in 2015. October 9, 2020 Bermuda ranked first for GDP > composition by sector > services amongst Latin America and Caribbean in 2012. Latest official GDP figures published by the World Bank. According to DeRedactie.be, Belgian news portal, at the end of 2016 terrorism attacks caused a loss of 2.4bn euros of the GDP. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. Belgium has land resources and a highly-qualified workforce. In the third part, the analysis of the sector’s economic importance is supplemented by an analysis from Please refer to the dataset Gross domestic product (GDP), 2019 archive to access longer time series based on the methodology prior to the 2019 benchmark revisions. Inflation in 2020 will barely reach 0.3%, mainly owing to the fall in energy prices. October 9, 2020 Kennis over en handelen naar de GDP-verwachtingen is een noodzaak om binnen de farmaceutische industrie kwaliteitsvolle producten te kunnen afleveren. Belgium ranked #13 for GDP amongst Europe in 2012. This rate is 225 -tenths of one percent higher than the figure of -11.8% published in the first quarter of 2020. Djibouti ranked first for GDP > composition by sector > services amongst Sub-Saharan Africa in 2012. Accessed December 03, 2020. https://www.statista.com/statistics/525794/distribution-gross-domestic-product-gdp-across-different-economic-sectors-in-belgium/, Statbel. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Belgium economic outlook, debt to GDP ratio, international trade performance and population trends. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Belgium’s tax, labour, pension and education reforms have improved the potential for stronger, sustainable and inclusive growth over the long term. Agriculture, value added (% of GDP) Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. In consequence, from 2013 to 2014, Belgium’s general government gross debt-according to the System of National Accounts definition-as percentage of GDP further augmented by 12.1 percentage points from 117.6% to 129.7%, the fourth highest increase for countries with available information. Although Belgium is a wealthy country, public expenditures far exceeded income for many years, and taxes were not diligently pursued. Belgium boasts a dense network of rails and roadways and Europe’s second-busiest port, Antwerp. Belgium is the home to a number of international corporations and has outlets or subsidiaries of many multinational companies such as Ford, Volvo, and Renault. Share of voice of media in Belgium 2017, by sector Share of economic sectors in GDP in Belize 2019 Share of economic sectors in the GDP in Trinidad and Tobago 2018 Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. 1.3.1 A Gateway to Europe Thematic data tables from WDI. Please create an employee account to be able to mark statistics as favorites. Also in Ireland, Poland, the Netherlands and Denmark this sector will be significantly hit. Public expenditure on family by type of expenditure (cash and in kind), in % GDP Public expenditure on old-age and survivors cash benefits, in % GDP Social Expenditure - Detailed data The GDP value of Belgium represents 0.44 percent of the world economy. Belgium ranked #13 for GDP amongst Europe in 2012. The Belgian insurance sector will be doubling up efforts to mitigate the negative impact of the coronavirus crisis on private individuals, households, the self-employed and companies. Belgium's agriculture sector is only about 1.3% of the GDP. Belgium ranked 7th last for GDP > composition by sector > industry amongst High income OECD countries in 2012. The country’s emergency oil stock levels are also high. Online tool for visualization and analysis. Government spending in Belgium was last recorded at 52.2 percent of GDP in 2019 . As a result, cumulative government debt reached 121% of GDP by the end of the 1980s. Country Report 2017 - Includes Belgium real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. Belgium ranked second last for GDP > composition by sector > agriculture amongst European Union in 2012. GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. The Belgian economy, as any modern industrialized economy, is characterized by the growing importance of services However, the manufacturing industry is still key to the Belgian economy It is a quintessential “small open economy”: Small, with a Gross Domestic Product (GDP) of €395 billion (current prices) in 2013, representing 3% of the total GDP of the European Union’s 28 countries Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Belgium economic outlook, debt to GDP ratio, international trade performance and population trends. 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. Data source is CIA Factbook. Belgium ranked #4 for human development index amongst European Union in 2006. Belgium gdp growth rate for 2016 was 1.48%, a 0.55% decline from 2015. Population figures based on United Nations data. and over 1 Mio. Country Report 2017 - Includes Belgium real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
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