belgium economy 2019

04 dez belgium economy 2019

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. The Circular Economy Hotspot highlights and promotes the endeavours of companies and organisations that are fostering innovation in the field of circular economy. ... Share of economic sectors in the GDP in Belgium 2019. In 2008, the per capita income (PPP) was $37,500. Belgian per capita GDP ranks among the world's highest. [19] The government succeeded in balancing its budget during the 2000–2008 period, and income distribution is relatively equal. 1. It is also the main hub and the headquarters of TNT Airways. Economic projections for Belgium – Autumn 2019 Low wage growth in the euro area: main conclusions from the ESCB Wage Expert Group with a focus on Belgium Insights from the … Belgium-s-economy-in-a-nutshell-Eonomic-outlook-October-2019.pdf (Document, 2.7 MB) Belgium, a small and open economy of 11.4 million inhabitants, is located in the heart of Europe. Nonetheless, most traditional industrial sectors are represented in the economy, including steel, textiles, refining, chemicals, food processing, pharmaceuticals, automobiles, electronics, and machinery fabrication. The government has balanced the budget every year since, until 2009 where it ran a deficit of about $25 billion. October 30, 2019. The corresponding results for the euro area are published on a dedicated webpage on the ECB’s website. The port of Ghent, in the north of the city, is the third largest port of Belgium. Belgium: Growth surprises to the upside in Q3. Competitiveness Rank in Belgium averaged 19.08 from 2007 until 2019, reaching an all time high of 24 in 2007 and a record low of 15 in 2012. The wide range of registered companies and the extensive programme reflect the great interest of our companies, universities and research centres in the opportunities that China has to offer. It is Europe's largest port for RoRo traffic[25] and natural gas. Belgium economic growth for 2018 was $578.80B, a 0.93% increase from 2018. 1.2 0.9 1.2 . These 72 economies account for almost 35% of the world economy. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Starting in 1817, John Cockerill extensively developed the iron and steel industry. Recy-K is an experimentation space operationalized by Agence Bruxelles-Propreté, the Brussels Agency in charge of waste collection and treatment. The year-on-year change in GDP was -5.1%, 88 -tenths of one percent more than the -13.9% recorded in the second quarter of 2020. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Data Source: World Bank The majority of these people (73%) work in the service sector. This is what emerged from the figures of Statbel, the Belgian statistical office, based on the Labour Force Survey 2019. The Belgian Government encourages new foreign investment as a means to promote employment. 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. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. In May 1990, the government linked the Belgian franc to the Deutsche Mark, primarily through closely tracking German interest rates. Google+, Facebook 2019 publications. It is accessed by the Ghent–Terneuzen Canal, which ends near the Dutch port of Terneuzen on the Western Scheldt. The industrial complex of Seraing was the largest in the world. This year, economic activity in Belgium is down by 9 % as a result of the containment measures imposed to prevent the spread of the Covid-19 pandemic. Charleroi features an industrial area, iron and steel industry, glassworks, chemicals, and electrical engineering. This disparity began to fade during the interwar period. GDP growth in 2009 was negative at −1.5%. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s.[18]. 1.9 .4 1. 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. After the Netherlands, Luxembourg and Scotland, Belgium will be hosting the 2019 Hotspot. Belgium GDP (Gross Domestic Product) was INT$482.95billion for 2019 in PPP terms. Belgium is 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. Twitter Indeed, Flemish and Walloon economies differ in many respects (consider for instance Eurostats and OECD statistics), and cities like Brussels, Antwerp, Liège, Bruges, Charleroi or Ghent also exhibit significant differences. October 29, 2020. [18], Foreign investment contributed significantly to Belgian economic growth in the 1960s. Industrial production collapsed 6.5% year-on-year in seasonally-adjusted terms in August (July: -0.9% s.a. A new Belgian government was sworn in on 1 October after 16 months of political deadlock. by Free Country Flags The Kingdom of Belgium shipped US$444.6 billion worth of goods around the globe in 2019. In 2006 Liège Airport was the 8th most important cargo airport in Europe. Flanders' unemployment levels are generally only about half those of Walloon. Liège has also been an important centre for gunsmithing since the Middle ages and the arms industry is still strong with the headquarters of FN Herstal. BELGIUM Weaker growth momentum, slower public debt reduction . The coalition replaced the interim Homans Government, again consisting of the N-VA (35 seats), CD&V (19 seats) and Open Vld (16 seats). Against this grim backdrop, in 1982, Prime Minister Martens' center-right coalition government formulated an economic recovery program to promote export-led growth by enhancing the competitiveness of Belgium's export industries through an 8.5% devaluation. The next 12 months could determine if the wave of nationalism will rise or recede Published: January 9, 2019 Author: James A. Haley; In the past few years, anti-globalization populism emerged as a potent political force in several advanced economies. After The Netherlands, Luxembourg and Scotland, Belgium will be hosting in 2019. Government deficit is estimated at -1.4% of GDP in 2019, and is likely to remain stable in the coming years, but the National Bank of Belgium expects a gradual rise to -2.8% by 2022, driven by the end of some temporary factors related to corporate taxation. OECD Economic Surveys: Belgium 2020 Publication (2020) International Trade by Commodity Statistics, Volume 2019 Issue 3 Publication (2019) 5 years of Belgium economic forecasts for more than 30 economic indicators. The Belgian Office for Intellectual Property (OPRI) is a public service of the federal government. From 17 to 22 November, Princess Astrid, representing the King, will lead a Belgian economic mission to China. 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 GDP value of Belgium represents 0.44 percent of the world economy. The Office. The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 15 in November, improving from October’s minus 17, despite the lockdown imposed on 2 November. The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. Belgium’s federal government is allocating an additional €200 million to hospital staff, and implementing and expanding a broad support package of measures to help the economic sector through the second coronavirus lockdown. One quarter (26 %) of people aged 15-64 in Belgium who are severely hampered by a disability or long-standing health problems have a job. Due to its pristine medieval city centre, Bruges has become a popular tourist destination. 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. Belgium gdp growth rate for 2017 was 1.90%, a 0.43% increase from 2016. 88 . Annually about 2.5 million day tourists visit the city and in 2007 there were about 1.4 million overnight stays. It has a modern, private-enterprise economy that has capitalised on its central geographic location, highly developed transport network, diversified industrial and commercial base, and its highly educated inhabitants. The consumer confidence indicator produced by the National Bank of Belgium (NBB) improved to minus 16 in September, the highest since March and a marked increase from August’s minus 26 reading. 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. % of GDP 2019 Belgium (red), OECD - Total (black) Find all indicators on Society. The Circular Economy Hotspot highlights and promotes the endeavours of companies and organisations that are fostering innovation in the field of circular economy. A project like this increases awareness and visibility for the social economy in Belgium, and stimulates the collaboration between the social and regular economies. Press The Antwerp-based BASF plant is the largest BASF-base outside Germany, and accounts on its own for about 2% of Belgian exports. With 44.6% of the land used for agriculture, in 2019 the agricultural industry's turnover increased by 6.2% (Statbel data). Twitter Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. In spite of its small size, Belgium's economy has consistently placed among the top 20 economies of the world and remains strong. Belgium economic growth for 2018 was $573.48B, a 0.5% increase from 2017. Belgium is at the very top of the European hit parade when it comes to the best locations for industry and logistics. 1.1.4 3. Begonias have been cultivated in the Ghent area since 1860. Belgium - Belgium - Economy: Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. This concerns 38 % compared to 30 % of the total working population aged 15 to 64. Belgium's accumulated public debt remains high at 99% of 2009 GDP. [29] Charleroi is also known for its publishing industry with Dupuis, one of the main publishers of Franco-Belgian comics, located in Marcinelle. In contrary to what was expected, the N-VA only has four ministers (instead of five), while CD&V has three (instead of only two). The national unemployment figures mask considerable differences between Flanders and Wallonia. Government consumption . Economic growth rose from 2% in 1984 to a peak of 4% in 1989. Gross domestic product (GDP) 1.4 1. According to the OECD, Belgian GDP growth is projected to remain at around 1½% in 2019 and 2020. The focus on social entrepreneurship and the composition of the Deloitte team means that we can really make an impact that matters with a very hands-on project. [18] Industry is concentrated mainly in the populous Flanders in the north, around Brussels and in the two biggest Walloon cities, Liège and Charleroi, along the sillon industriel. The Flemish Government is the executive branch of both the Flemish Region and the Flemish Community.. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Belgium ranks highest in connectivity (3rd) and integration of digital technology by businesses (5th), while digital public services are its biggest relative weakness. [18], Although Belgium is a wealthy country, public expenditures far exceeded income for many years, and taxes were not diligently pursued. REUTERS/Francois Lenoir. The OPRI is part of the Federal Public Service Economy, SMEs, Self-employed and Energy (FPS Economy) and more specifically the Directorate-General for Economic Regulation. Exports of goods and services . [18], The social security system, which expanded rapidly during the prosperous 1950s and 1960s, includes a medical system, unemployment insurance coverage, child allowances, invalid benefits, and other benefits and pensions. Eighty percent of the crop is exported.[28]. The European Commission expects a deceleration of GDP growth to 1 % for 2020 and 2021. Belgium economic growth for 2018 was $581.80B, a 0.52% increase from 2018. Attracted by the EU 1992 single-market program, many foreign firms and lawyers have settled in Brussels since 1989. Being the de facto European capital, its economy is massively service-oriented. Brussels also has many commuters, with 230,000 coming from Flanders, and 130,000 from Wallonia. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. The port of Antwerp was in 2004 the second largest European sea port by cargo volume, and the Antwerp freight railway station accounts for one-third of Belgian freight traffic. The federal government has managed to present balanced budgets in recent years, but public debt remains high, at 99% of 2009 GDP. Industry is concentrated mainly in the pop… A project like this increases awareness and visibility for the social economy in Belgium, and stimulates the collaboration between the social and regular economies. For example, Belgium’s Exports rank is higher than (please wait...) of the countries in the dataset. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. - … The party's supporters often speak about Islam, immigration and divisions in the country. Online Store Unemployment has remained consistently more than twice as high in Wallonia than in Flanders, and even more in Brussels, during most of the last 20 years (2012: Flanders: 4.55%; Wallonia: 10.12% and Brussels: 17.47%[21]). As of July 2012, however, the statistical unemployment rate in Brussels was 20.6%.[23]. Review Women in ... Belgium ranks 6th in the Digital Economy and Society Index (DESI) 2017. 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: Economy sustains momentum in Q4 2019 January 30, 2020 The economy grew 0.4% quarter-on-quarter in seasonally-adjusted terms in the fourth quarter, matching the expansion recorded in the third quarter, according to a first estimate released by the National Bank of Belgium (NBB) on 30 January. Except for its coal, which is no longer economical to exploit, Belgium has few natural resources other than fertile soils. [18] Foreign companies in Belgium account for approximately 11% of the total work force, with the U.S. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. [26] It also is the world's largest port for the import and export of new vehicles. In general, productivity in Flanders is roughly 20% higher (per inhabitant) than in Wallonia. As a result, cumulative government debt reached 121% of GDP by the end of the 1980s. [19], For 50 years through World War II, French-speaking Wallonia was a technically advanced, industrial region, with its industry concentrated along the sillon industriel, while Dutch-speaking Flanders was predominantly agricultural with some industry, mainly processing agricultural products and textiles. For example, Belgium’s Exports rank is higher than (please wait...) of the countries in the dataset. Economic projections for Belgium – Autumn 2019 Low wage growth in the euro area: main conclusions from the ESCB Wage Expert Group with a focus on Belgium Insights from the … [citation needed]. GDP (nominal) of United States has increased by $859 billion in 2019 followed by China … It is also host to a great number of European institutions, in addition to the Belgian federal government, the government of the Flemish Community and the government of the French Community. Brussels' GDP per capita is much higher than either region, although this is in many ways artificial, as many of those that work in the Brussels-Capital Region live in Flanders or Wallonia. GDP growth amounted to 1.6 % in the third quarter of 2019 y-o-y, at the faster pace as the one observed during the previous quarter (1.3 %) mainly due to a higher contribution to GDP growth from consumption expenses (public and private). Belgium imports raw materials and semi-finished goods that are further processed and re-exported. We have identified three themes for 2019: Global growth will slow. A total of 4.99 million people make up Belgium's labor force. Gross Domestic Product of Belgium grew 10.7% in the second quarter of 2020 compared to the previous quarter. 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. As a result, the Belgian economy is losing momentum for the second year in a row due to the slowdown internationally, added the Bureau. Belgium: Industrial activity falls at sharper pace in August. Today, Belgium is a member of the five institutions that form the World Bank Group. The postwar boom years, enhanced by the establishment of the European Union and NATO headquarters in Brussels, contributed to the rapid expansion of light industry throughout most of Flanders, particularly along a corridor stretching between Brussels and Antwerp, which is the second largest port in Europe after Rotterdam. Antwerp is the first diamond market in the world, diamond exports account for roughly 1/10 of Belgian exports. Private consumption will be an important driver of growth, supported by past … On a per capita basis, Belgium exports twice as much as Germany and 5 times as much as Japan. [18] About three-quarters of its trade is with other EU countries. In 1992–93, the Belgian economy suffered the worst recession since World War II, with the real GDP declining 1.7% in 1993. The GDP value of Belgium represents 0.44 percent of the world economy. 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. In 2009 Belgium suffered negative growth and increased unemployment, stemming from the worldwide banking crisis. However, thanks to Belgium's high personal savings rate, the Belgian Government financed the deficit from mainly domestic savings, minimizing the deleterious effects on the overall economy.[18]. Executive Search in Belgium – 2019 Outlook UK, US Form Trade Threats to Belgium. 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 program will offer you a unique opportunity to discover how the transition towards a circular economy is taking place in Belgium. Together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. Tourism is increasingly becoming a major employer in the local area. A new passenger terminal was opened in 2005. Today, Belgium is a member of the five institutions that form the World Bank Group. Click on the button below to get started. Economic growth and foreign direct investment dropped in 2008. 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). 11:15-12:30 : Visit of Recy-K and circular economy companies. Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. Belgium gdp growth rate for 2018 was 1.49%, a 0.42% decline from 2017. This rate is 225 -tenths of one percent higher than the figure of -11.8% published in the first quarter of 2020. The Global Economy in 2019. The economy benefits from a strong communication infrastructure and a highly qualified workforce. Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. Economic growth has been steady, but remains below average euro area levels, and productivity growth has stagnated. LinkedIn Real Economy Target World ... Belgium, May 26, 2019. 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. Charleroi is in the center of a vast coal basin, called Pays Noir. Publications related to Belgium. 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. Inflation below 2% is in green. Google+, © Copyright: 2020. The Belgian economy also is inextricably tied to that of Europe. The port of Bruges-Zeebrugge is one of the most important, modern and fastest growing[24] ports in Europe. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. The port houses, among others, big companies like ArcelorMittal, Volvo Cars, Volvo Trucks, Volvo Parts, Honda, and Stora Enso. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. This economic mission takes place in a clouded international climate: crisis of the multilateral trade system, the race for technology and tariff wars between the world's largest economies: the US and China. The gross domestic product measures the value of goods and services that a country has produced within a given period. Get a sample report showing our regional, country and commodities data and analysis. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. During the visit, we will discover the project, the urban-adapted production spaces Microfactory and also the companies working on waste in RecyK. Unemployment in Wallonia is mainly structural, while in Flanders it is cyclical. With 632 participants, it will be the largest economic mission ever. The Belgian economy also is inextricably tied to that of Europe. 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. Economy | November 3rd 2020 Belgium’s GDP recovers by 10.7% in Q3 The rebound is much stronger than anticipated, but we expect negative growth in the fourth quarter. The economy of Belgium is varied and cannot be understood without taking the regional differences into account. Employment by economic sector in Belgium 2020. Moderate to poor scores for infrastructure (primarily transport, road, and rail infrastructure) and macro-economic stability (mainly high levels of national debt) lowered the country’s total score. That dollar amount reflects an 11.8% increase since 2015 but a -4.7% drop from 2018 to 2019. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. ... 2019 20 2021. The early 1980s saw the country facing a difficult period of structural adjustment caused by declining demand for its traditional products, deteriorating economic performance, and neglected structural reform. Belgium was among the 28 governments that founded the International Bank for Reconstruction and Development — the World Bank — on Dec. 31, 1945. The Ghent University, the second largest university of Belgium by number of students, and a number of research oriented companies are situated in the central and southern part of the city. 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. [27] Tourism is also a major component of the economy of Bruges. [30], Media related to Economy of Belgium at Wikimedia Commons, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2020", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Euro area and EU27 government deficit both at 0.6% of GDP", "Scope affirms Belgium's rating at AA and revises the Outlook to Negative", https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart, "Le marché du travail en chiffres absolus", "GDP per inhabitant in 2006 ranged from 25% of the EU27 average in Nord-Est in Romania to 336% in Inner London", "Taux de chômage stable (20,6%) mais augmentation du nombre de chercheurs d'emploi sur base annuelle", https://books.google.co.uk/books?id=7dnVBqWvFmQC&pg=PA301&lpg=PA301&dq=Charleroi+slag+heaps&source=bl&ots=qv_vTJIkaj&sig=ACfU3U2B-Ag0dUk8TT6gQXPTEimVu9AwFg&hl=en&sa=X&ved=2ahUKEwi4iLjImd7oAhXSZxUIHaBfBEI4FBDoATACegQIChAB#v=onepage&q=Charleroi%20slag%20heaps&f=false, "Report for Selected Countries and Subjects", https://www.cia.gov/library/publications/the-world-factbook/index.html, World Bank Summary Trade Statistics Belgium, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Belgium&oldid=988635496, Articles with dead external links from September 2017, Articles with permanently dead external links, Articles with dead external links from June 2016, Short description is different from Wikidata, Articles containing potentially dated statements from 2006, All articles containing potentially dated statements, Articles with unsourced statements from August 2012, Wikipedia articles incorporating text from the World Factbook, Wikipedia articles incorporating text from the United States Department of State Background Notes, Creative Commons Attribution-ShareAlike License, engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum, chemicals, machinery and equipment, finished diamonds, metals and metal products, foodstuffs, raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products, Officially the Republic of China, participates as ", This page was last edited on 14 November 2020, at 10:24.

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