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Economy and Banking Sector of Belgium

National Currency

Euro (EUR)

Belgium joined the Euro Area on 1 January 1999.

GDP

Nominal GDP (2019)
473.1 bln EUR  (+0.05%)
Nominal GDP per Capita (2019)
41,200 EUR  (+0.04%)
Real GDP Growth (2019)
1.4 % (unchanged)

According to Eurostat, nominal GDP of Belgium in 2019 was 473.1 bln EUR.

Belgium underperforms the European Union in terms of real GDP growth with the average annual differential coming to -0.3% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 1.4% which was above the Euro Area average (1.2%) and below the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in Belgium.

Chart 1. Real GDP Growth in Belgium. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in Belgium was 41,200 EUR.

Belgium has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 11.3% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Belgium; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Belgium; European Union = 100.

Inflation Rate

CPI, MoM (May 2020)
-0.2 % (unchanged)
CPI, YoY (May 2020)
-0.2 %  (Apr 2020: 0.0 %)
CPI, Year Average (2019)
1.2 %  (2018: 2.3 %)

According to Eurostat, inflation rate in Belgium in 2019 expressed as annual percentages of average consumer prices was 1.2% which was equal to the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Belgium.

Chart 3. Inflation Rate in Belgium. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
5.4 %  (2018: 6.0 %)

According to Eurostat, unemployment rate in Belgium in 2019 was 5.4% which was below the Euro Area average (7.6%) and below the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Belgium.

Chart 4. Unemployment Rate in Belgium. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
0.14 %  (Mar 2020: -0.02 %)

According to Eurostat, government bond yield in Belgium in April 2020 was 0.14%, compared to -0.02% in March 2020.

Government bond yield of Belgium.

Chart 5. Government bond yield of Belgium. Source: Eurostat.

Credit Ratings (as of Jul 2020)

Fitch
AA- (very high credit quality), outlook negative
Moody's
Aa3 (high grade), outlook stable
Scope
AA (high grade), outlook negative

Belgium has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is AA- (very high credit quality), outlook negative; the rating set by Moody's is Aa3 (high grade), outlook stable. Scope Ratings, the European rating agency, rated Belgium as AA (high grade), outlook negative.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for July 2020.