For the latest economic outlook due to the Covid-19 pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus (Covid-19): Living with uncertainty and the IMF's policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments.. Belgium benefits from a strategic geographical position: situated between the UK, … This page provides the latest reported value for - Belgium GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. The Belgian economy is largely oriented towards services. The number of people claiming unemployment benefit in Belgium fell again last year, for the fourth year running. weaken. At the end of 2017 there were just over 480,000 people in Belgium that were unemployed. Since the largest concentration of population is in the north, there is a marked regional disjunction between water supply and demand. 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 nation's exports are equivalent to almost two-thirds of its GNP. This occurred through six state reforms (in 1970, 1980, 1988-89, 1993, 2001 and 2012-2014). Manufacturing is the major economic activity in the provinces of East Flanders, Limburg, and Hainaut. Belgium has much fertile and well-watered soil, although agriculture engages only a small percentage of the workforce. Swiss Economy Facts And Figures. 07 June 2019 12:00. Other taxes include value-added and estate taxes. It became a member of the European Union (EU) upon the signing of the Maastricht Treaty in 1992 and, along with 10 other member countries, adopted the euro as the national currency on January 1, 1999. Corruption is relatively rare in Belgium and is most serious in government procurement and public works contracting. So no worries, I didn't forget about Adolphe Sax. The coal in the Sambre-Meuse valley occurred in a narrow band across south-central Belgium from the French border through Mons, Charleroi, Namur, and Liège. There's much more to Belgium than beer, chocolate, and waffles. Seven surprising facts about tax check out some fun facts national debt just facts fun facts about angola worldatlas atlas belgium. Macroeconomic surveillance in Bulgaria. Interior Flanders is devoted to grazing. Belgium Economy Facts. Belgium boasts a dense network of rails and roadways and Europe’s second-busiest port, Antwerp. © 2020 by The Heritage Foundation. This would increase the prospects for successful implementation of its economic policy agenda, which is aimed at boosting job creation, strengthening competitiveness, and consolidating public finances. Each year the United Nations ranks the world's countries in its Human Development Report. The population is distributed along the horizontal axis, with males shown on the left and females on the right. 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. The total value of exports and imports of goods and services equals 175.6 percent of GDP. Belgiumis the first country to undergo an industrial revolution on the continent of Europe in the early 19th century and has since developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbours. Fiscal surveillance in Bulgaria. One of the smallest countries in Europe, Belgium is bordered by France, Luxembourgh, the Netherlands, and Germany. Note: this list only contains facts. Provides an overview of Belgium, including key events and facts about this European country. This problem is addressed through elaborate water-transfer systems involving canals, storage basins, and pipelines. October 9, 2020 The Big Bang theory originated in Belgium. Tax Burden 46.7 Create a Graph using this measurement, Government Spending 17.2 Create a Graph using this measurement, Fiscal Health 77.0 Create a Graph using this measurement. In fact, the tertiary sector accounts for 69.7% of the GDP and employs 78% of the active population. Belgium is a economically developed country with high GDP (Gross Domestic Product) growth rate and a strong member of OECD. Metallurgy, steel, textiles, chemicals, glass, paper, and food processing are the dominant industries. Antwerp is also known for diamond cutting and dealing. If that's not enough, click over to our collection of world maps and flags. The average trade-weighted applied tariff rate (common among EU members) is 1.8 percent, with 637 EU-mandated nontariff measures reportedly in force. I created a separate list with famous Belgians. (1) This report assesses Belgium’s economy in light of the European Commission’s Annual Growth Survey (published on 21 November 2018. This page has economic forecasts for Belgium including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Belgium economy. By 1992 mining had ceased there and in the country’s other major coal-mining area, in the Kempenland (Limburg province) in northeastern Belgium. The chief crops are wheat, oats, rye, barley, flax, sugar beets, vegetables, fruits, and tobacco. Regionally, Flanders has attracted a disproportionate share of investment, but the national government has offered subsidies and incentives to encourage investment within Wallonia. View Images The Grand Palace is a square in the center of Brussels, the capital of Belgium, surrounded by buildings that date mainly from the 17th century. By the 1960s the easily extractable coal reserves were exhausted, and most of the region’s mines were closed. Check out our country profile, full of essential information about Belgium's geography, history, government, economy, population, culture, religion and languages. To return to the ranks of the mostly free, the government must rein in chronically high and unsustainable government spending. As a member of the United Nations, and in the service of world peace, Belgium often sends its troops on peace missions or … In 1820, Belgium had the 2nd highest GDP per capita in Europe after the Netherlands (though being the same country at the time). Belgium became independent from the Netherlands in 1830; it was occupied by Germany during World Wars I and II. Many data on economic activity are derived from international organisations such as the OECD , Eurostat and the IMF , but Belgium also gathers a variety of statistics at federal and regional level. In 1900, it had become the highest in Europe, with over twice the individual income of Italy or Norway. Presentation of belgium 1. The manufacturing sector accounts for about one-sixth of the GDP. BBC Homepage. There's much more to Belgium than beer, chocolate, and waffles. Much of the Belgian economy depends on the export of manufactured goods to the rest of the EU, with shipments of the raw materials coming … The government was forced to borrow heavily from abroad to finance foreign trade (i.e., importing of foreign goods) and to sustain its generous social welfare system. The country’s economy is powered by a highly productive workforce, which has led for Belgium’s being one of the countries with high standards of living. Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. Economy. During the 19th century, iron ore and zinc deposits in the Sambre-Meuse valley were heavily exploited. Fiscal surveillance in Belgium. Read more about Belgium Economy. Moreover, water pollution is a serious problem. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Macroeconomic surveillance in Belgium. Economic Indicators. Belgium is the sixth-largest economy in the euro zone behind Germany, France, Italy, Spain and the Netherlands. 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. It has an area of 30,528 square km. The country’s economy is powered by a highly productive workforce, which has led for Belgium’s being one of the countries with high standards of living. These efforts were moderately successful, but they left Belgium with one of the largest budget deficits in relation to gross national product in Europe. Culture Of Belgium People Women Beliefs Food. The fall is evident in all three of Belgium’s regions, but is most pronounced in Wallonia. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. 1. Note: this list only contains facts. The open countryside of north-central Belgium—Hainaut, Flemish Brabant, Walloon Brabant, and Hesbaye (the region of rolling land southwest of Limburg)—includes pastureland as well as intensive diversified cultivation of such crops as wheat, sugar beets, and oats; local variations include orchards in northern Hesbaye. Economic forecast for Bulgaria. 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 country has assembly plants for foreign automakers, as well as for foreign firms manufacturing heavy electrical goods. Belgium became independent in 1830. Top 3 Trade … Leading Facts on Poverty in Belgium. Belgium has a well-developed free market economy, based on both industrial and service sectors. In fact, the tertiary sector accounts for 69.7% of the GDP and employs 78% of the active population. Although the poverty rate in Belgium is on a steady decline, many people remain at risk. Belgium: Economy. Fifteen percent of the Belgian population lives in poverty. 1. For the latest economic outlook due to the Covid-19 pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus (Covid-19): Living with uncertainty and the IMF's policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments.. Belgium benefits from a strategic geographical position: situated between the UK, … Brussels, the hub of several European institutions, numerous diplomatic representations and different interest groups, has essentially based its economy on services. No claims are made regarding the accuracy of Belgium 2020 information contained here. NOTE: 1) The information regarding Belgium on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. (Reuters) - Belgium is the sixth-largest economy in the euro zone behind Germany, France, Italy, Spain and the Netherlands. In 2019, Belgium produced a GDP of 450 billion euros. Swiss Economy Facts And Figures. The country prospered in the past half century as a modern, technologically advanced European state and member of NATO and the EU. Much of the Belgian economy depends on the export of manufactured goods to the rest of the EU, with shipments of the raw materials coming … The GDP value of Belgium represents 0.44 percent of the world economy. The top income tax rate is 50 percent, and the top corporate tax rate is 29 percent. It is one of the smallest and most densely populated European countries, and it has been, since its independence in 1830, a representative democracy headed by a hereditary constitutional monarch. Major crops are sugar beets, chicory, flax, cereal grains, and potatoes. Belgium Economy Fun Facts. In 2012, 16.7 percent of people under 18 were living in families with an income level below the line of poverty in Belgium. Economic forecast for Bulgaria. There were two major coal-mining areas. Belgium is ranked 26th among 45 countries in the Europe region, and its overall score almost matches the regional average and is well above the world average. Economy. Oats, rye, and potatoes are the chief crops; wheat, sugar beets, chicory, hops, flax, and ornamental plants (e.g., azaleas, roses, and begonias) also are grown in southwestern Flanders. Business Freedom 75.2 Create a Graph using this measurement, Labor Freedom 61.1 Create a Graph using this measurement, Monetary Freedom 80.5 Create a Graph using this measurement. Know about Belgium economy, Belgium economy indicators. Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. Growth of the forest industry after World War II has been aided by mechanization, allowing Belgium to reduce its reliance on imported timber. Most streams rise in the Ardennes and flow northward; three-fourths of the country’s groundwater originates in the south. In the south a modest hydroelectric power industry has developed along fast-moving streams. Economic Overview. Belgium has remained a major advocate of European political and economic integration. Stones, principally specialty marbles, also are quarried. Forage crops, barley, oats, potatoes, and even wheat are grown everywhere, but especially in the southeast. It also ranks as one of the safest or most peaceful countriesin the world. The Belgian economy is largely oriented towards services. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. Belgium’s economy has been trapped in the moderately free category for nearly a decade, having fallen from the mostly free rank it held earlier. It is heavily dependent on international trade and most of its economic sectors are geared toward exporting products. Economy, finance and the euro publications on Bulgaria . While the growth rate of business investment is expected to steadily normalise and net exports will gradually weigh more … The northern area is considered the most fertile and much of the land there is used for livestock, although some of the land is used for agriculture. Economy. The country is an active member of the NATO and the UN, and has, in fact, sent many troops to peacekeeping missions all over the world. The planted forests of the Ardennes and the Kempenland support Belgium’s relatively small forest-products industry. Laws are well codified, and the independent judicial system functions professionally, albeit with a growing backlog of cases. The GDP value of Belgium represents 0.44 percent of the world economy. Chalk and limestone mining around Tournai, Mons, and Liège, which supports a significant cement industry, is of greater contemporary importance. Belgium’s fishing industry is relatively small; almost all fish are consumed within the country. Public debt is equivalent to 101.4 percent of GDP. GDP per capita. Economic forecast for Belgium. Fiscal surveillance in Belgium. Property rights are well protected by law, although property registration is cumbersome and enforcement of intellectual property rights can be protracted. In 1900, it had become the highest in Europe, with over twice the individual income of Italy or Norway. Between 1970 and 1993, the country evolved into a more efficient federal structure. Naturally, this activity also needs to be viewed in a broader European and global economic context. Belgium, like many Western European nations, enjoys a high standard of living and a high per capita income. Although reasonably plentiful, existing water supplies incur heavy demands from industrial and domestic consumers. Belgium’s economy is among the most advanced in Europe which has taken advantage of its geographical location in the continent and has developed a highly sophisticated transport network with a diversified commercial and industrial base. A + A-Print Email. In addition, sands from the Kempenland supply the glass-manufacturing industry, and clays from the Borinage are used for pottery products and bricks. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. So no worries, I didn't forget about Adolphe Sax. The economy has long benefited from openness to foreign investment, and government policies are not a significant deterrent. Belgium’s strategic location in the European Union makes it an important country both economically and politically. Brussels is its capital and largest city. NOTE: The information regarding Belgium on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. Public officials can face heavy fines and imprisonment for corruption. With the expansion of domestic and commercial needs in the late 20th and early 21st centuries, increasing attention focused on problems of water quality and supply. Brussels, the hub of several European institutions, numerous diplomatic representations and different interest groups, has essentially based its economy … Dutch, French, and German are all accepted as Belgium’s … Resolution of insolvency has been made easier. To combat the slow decline of this industry, which has been dependent on the handiwork of an aging population of skilled women, specialized schools were established in Mons and Binche to train younger workers. In the survey, the Commission calls on EU Member States to implement reforms to make the Government spending has amounted to 52.5 percent of the country’s output (GDP) over the past three years, and budget deficits have averaged 1.4 percent of GDP. However, agricultural activity in Belgium centres primarily on livestock; dairy and meat products constitute more than two-thirds of the total farm value. Belgium’s economy is among the most advanced in Europe which has taken advantage of its geographical location in the continent and has developed a highly sophisticated transport network with a diversified commercial and industrial base. This treasure of Belgium facts is proof of that. Belgium Factsheet Eupedia. Economic forecast for Croatia. Belgium: Industrial activity falls at sharper pace in August. The following is a list of key facts about the country's economy. One of the smallest countries in Europe, Belgium is bordered by France, Luxembourgh, the Netherlands, and Germany. GDP growth over the past five years has been similarly lackluster. The economy of Belgium is primarily based on industries and services like transportation, coal mining, steel, real estate and chemical industry. Industry is concentrated mainly in the pop… Property Rights 84.5 Create a Graph using this measurement, Judicial Effectiveness 62.5 Create a Graph using this measurement, Government Integrity 80.2 Create a Graph using this measurement. Its transportation sector is highly developed and it is interlinked with most European transport infrastructures. Trade Freedom 86.4 Create a Graph using this measurement, Investment Freedom 85.0 Create a Graph using this measurement, Financial Freedom 70.0 Create a Graph using this measurement. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. Occupied by Germany during the First and Second World Wars, it has experienced an … Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. October 29, 2020. Belgium now imports all its coal, which is needed for the steel industry and for domestic heating. The Kingdom of Belgium is situated in the west of Europe, bordered to the north by the Netherlands, to the east by Germany and the Grand Duchy of Luxembourg and to the south and the west by France. Belgium became an independent country in 1830. Detailed information on mortgage, insurance, finance, and banking sector on Belgium. Economic Overview. Belgium has been able to maintain a strong economy through the high value of exports, making it one of the leading export countries worldwide. … Read more. Geographical and historical treatment of Belgium, including maps and a survey of its people, economy, and government. C.E.C.S. Like many other European countries, Belgium's economy consists mainly of the service sector but industry and agriculture are also significant. Neighboring countries have a strong political and economic impact on Belgium. Belgium is one of the world’s leading processors of cobalt, radium, copper, zinc, and lead. Economy, finance and the euro publications on Belgium. See how many of these top 30 Belgian facts you know. The government, in an effort to reverse the near-depression levels of industrial output that had developed, subsidized ailing industries, particularly steel and textiles, and offered tax incentives, reduced interest rates, and capital bonuses to attract foreign investment. Belgium’s economy has been trapped in the moderately free category for nearly a decade, having fallen from the mostly free rank it held earlier. 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