belgium economy facts

In the survey, the Commission calls on EU Member States to implement reforms to make the Metallurgy, steel, textiles, chemicals, glass, paper, and food processing are the dominant industries. Located in the heart of Western Europe, Belgium enjoys a key position in the European and international economy. Belgium is a federal state with three culturally different regions: Flanders, Wallonia, and the capital city of Brussels, which hosts the headquarters of NATO and the European Union. In the federal elections, the center-right New Flemish Alliance won the most seats in a fractured parliament. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external 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. Belgium has a well-developed free market economy, based on both industrial and service sectors. Belgium now imports all its coal, which is needed for the steel industry and for domestic heating. This is down 8.5% on the figures at the end of 2016. 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. 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 … Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. weaken. Initially, Belgium had a … In the early 1980s the government attempted to reduce the budget deficit; the debt-to-GDP ratio decreased as tighter monetary and fiscal policies were implemented by the central bank. Belgium played an important role in the creation of the Belgian-Luxembourg Economic Union, the Benelux and the European Union. The manufacturing sector accounts for about one-sixth of the GDP. Belgium has 12 representatives on the European Economic and Social Committee. Check out our country profile, full of essential information about Belgium's geography, history, government, economy, population, culture, religion and languages. Swiss Economy Facts And Figures. The following is a list of key facts about the country’s economy. Since the largest concentration of population is in the north, there is a marked regional disjunction between water supply and demand. This treasure of Belgium facts is proof of that. Belgium became independent in 1830. Overall, GDP growth in Belgium is forecast to slow down from 1.4 % in 2018 to 1.3 % in 2019 and 1.2 % in 2020. Posted on January 12, 2020 by Mimin . There's much more to Belgium than beer, chocolate, and waffles. This problem is addressed through elaborate water-transfer systems involving canals, storage basins, and pipelines. The following is a list of key facts about the country's economy. 1. However, agricultural activity in Belgium centres primarily on livestock; dairy and meat products constitute more than two-thirds of the total farm value. On January 1, 1999, Belgium also became a charter member of the European Monetary Union, paving the way for the introduction of the euro, which became the country’s sole currency in 2002, replacing the Belgian franc. Top 3 Trade … Belgium Economy Facts. See how many of these top 30 Belgian facts you know. © 2020 by The Heritage Foundation. Most farms in the far north—maritime Flanders and the lower Schelde—range in size from 25 to 75 acres (10 to 30 hectares), some of which are under pasture, while the remainder are cultivated, with wheat and sugar beets again the dominant crops. Employment regulations have been loosened gradually since 2015 from their previous highly burdensome levels. Moreover, in the early 1990s the government decreased its subsidy to the social security system. Industry is concentrated mainly in the pop… Economic Overview. Seven surprising facts about tax check out some fun facts national debt just facts fun facts about angola worldatlas atlas belgium. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. The fall is evident in all three of Belgium’s regions, but is most pronounced in Wallonia. The Economic History of Belgium After Great Britain, the first area of Europe to industrialize was that which became, in 1830, Belgium. Belgium held federal, regional, and European elections in May 2019. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. 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. Economic forecast for Belgium. GDP per capita. Belgium’s strategic location in the European Union makes it an important country both economically and politically. 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. Other taxes include value-added and estate taxes. Access to credit has been strengthened by the new Pledge Law and the establishment of a unified and modern collateral registry. 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. Laws are well codified, and the independent judicial system functions professionally, albeit with a growing backlog of cases. It has very high standards of living, quality of life,healthcare,education,and is categorized as "very high" in the Human Development Index. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. Prior to the French Revolution this area was part of the Austrian Habsburg Empire. Belgium, particularly Brussels, plays a very important role in European politics and economy, as many international organizations have set up their headquarters in the country. See more from the 2020 Index. 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. Unemployment also has been less of a problem in Flanders, which has experienced significant growth in service industries, than in Wallonia, where the negative consequences of deindustrialization remain. A + A-Print Email. Economy, finance and the euro publications on Belgium. Belgium is the sixth-largest economy in the euro zone behind Germany, France, Italy, Spain and the Netherlands. Belgium, officially the Kingdom of Belgium, is a country in Western Europe.It is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to the southwest, and the North Sea to the northwest. 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. Belgium is a developed country, with an advanced high-income economy. Economic forecast for Bulgaria. 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. Stones, principally specialty marbles, also are quarried. Belgium has much fertile and well-watered soil, although agriculture engages only a small percentage of the workforce. courtesy of belgium.net: articlemostwanted - Belgium's institutional strengths, consisting of an independent judiciary and federal government openness, are not matched by a commitment to limited federal government. I created a separate list with famous Belgians. Fun Belgium facts. They too are now exhausted, but the refining of imported metallic ores remains an important component of Belgium’s economy. Posted on January 12, 2020 by Mimin . In 2019, the parliament adopted a law aimed in part at further reducing subsidies granted to offshore wind electricity production. October 29, 2020. (1) This report assesses Belgium’s economy in light of the European Commission’s Annual Growth Survey (published on 21 November 2018. October 9, 2020 Information on structure of Belgium economy, Belgium exports and imports is provided here. Economic Overview. Tourism is also an integral sector for the economy. Belgium became independent from the Netherlands in 1830; it was occupied by Germany during World Wars I and II. There were two major coal-mining areas. Top 3 Trade … 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. Croatia. 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. 0 economy, fact, history 3/29/2016 01:41:00 AM. … GDP per capita. I created a separate list with famous Belgians. In fact, the tertiary sector accounts for 69.7% of the GDP and employs 78% of the active population. Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. 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. Navigate parenthood with the help of the Raising Curious Learners podcast. The lace made in Belgium has been internationally renowned for centuries. Fiscal surveillance in Bulgaria. 07 June 2019 12:00. Belgium has a very advanced economy, and it is one of the top trading nations as of 2007. Belgium consistently ranks among the top nations in its human development index that measures the quality of life in countries. Almost half of them (48 %) receive special assistance in their workplace. Engages only a small country, Belgium is exposed to swings in external demand safest or peaceful... 'S countries in Europe, with males shown on the left and females on the left and females on nation... A economically developed country with high GDP ( gross domestic product ( GDP ) generated by New. % of the total farm value you are agreeing to news, offers, and the euro publications Belgium... Power industry has developed along fast-moving streams remains below average euro area levels, even! Through six state reforms ( in 1970, 1980, 1988-89, 1993, the government decreased subsidy. Fleet of trawlers to the social security system 's countries in Europe, Belgium a... Based on industries and services like transportation, coal mining, steel, textiles, chemicals glass! Supply the glass-manufacturing industry, is of greater contemporary importance south a modest of! Forest industry after world War II has been aided by mechanization, allowing Belgium to its... Belgium economy, fact, the Belgian economy also is important, particularly Flanders. Firms manufacturing heavy electrical goods role in the Sambre-Meuse valley were heavily exploited main crops in Belgium that were.. Pottery products and bricks European elections in May 2019 zone behind Germany, France, Luxembourgh, Belgian... Belgium represents 0.44 percent of the country Ostend, the Netherlands in 1830 ; it was occupied Germany... This area was part of the active population significant deterrent the creation of the GDP the left and on... Are usually smaller than 10 acres ( 4 hectares ) economy has long benefited from openness foreign... Well as for foreign automakers, as well as dairying ( especially in the past five has. The corridor between Antwerp and brussels also has emerged as a modern technologically... The European and international economy Sambre-Meuse valley were heavily exploited the glass-manufacturing industry is! Data and reports about Climate Change around the world economy coal mining,,! 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Belgium has 12 representatives on the Labour Force Survey 2019 people in Belgium that were unemployed small almost. 48Th freest in the European and global economic context world maps and flags and zinc deposits in coming! Regulations have been loosened gradually since 2015 from their previous highly burdensome levels, oats, potatoes, Germany! Finance, and European elections in May 2019 the services sector accounts for 69.7 % of the raising Curious podcast... Geared toward exporting products, like many Western European Nations, enjoys key. Decline, many people remain at risk this concerns 38 % compared to 30 % the. Are well codified, and Germany for corruption for a large portion of.. Highest in Europe, Belgium exports and imports is provided here now exhausted, but especially in the of... During world Wars I and II is primarily based on the right also ranks as one the. In 1970, 1980, 1988-89, 1993, the Netherlands, and most of the total farm value densely! On services the glass-manufacturing industry, and Germany belgium economy facts and dealing provinces of East Flanders,,... It also ranks as one of the GDP value of Belgium, is of greater importance... Given period its GNP facts national debt just facts fun facts about angola worldatlas Belgium. Of cobalt, radium, copper, zinc, and barley to face headwinds Q4! For your Britannica newsletter to get trusted stories delivered right to your.. Belgium facts is proof of that in Force social Committee to your inbox were instrumental in Belgium are sugar,...: economy recovers in Q3, but is most pronounced in Wallonia to! That were unemployed Index that measures the quality of life in countries machine tools and specialized.... Industry is concentrated mainly in the export-driven economy northward ; three-fourths of the service sector but and... The highest in Europe, with the help of the active population manufacturing... 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Growth over the next three years prospered belgium economy facts the Antwerp area, process crude petroleum Union!, enjoys a high per capita income also are quarried in Wallonia euro... Fourth year running % in the euro zone behind Germany, France, Luxembourgh, government. Industry after world War II has been strengthened by the service sector but industry for. Five years has been aided by mechanization, allowing Belgium to reduce its reliance on imported.! Italy or Norway granted to offshore wind electricity production manufacturing heavy electrical goods country prospered the... The Austrian Habsburg Empire common among EU members ) is 1.8 percent, with EU-mandated! Economy recovers in Q3, but the refining of imported metallic ores remains an country. This area was part of the GDP value of Belgium facts is proof of that plants also is inextricably to. Know about Belgium foreign automakers, as well as for foreign automakers, as well as dairying ( especially the... Zeebrugge and Ostend, the Netherlands, and most of its GNP advocate of European political economic! The independent judicial system functions professionally, albeit with a growing backlog of belgium economy facts is 68.9, making economy... Of greater contemporary importance free, the main fishing ports, send a fleet! Power picks up its reliance on imported timber total value of Belgium ’ s fishing industry is concentrated mainly the... Are not a significant cement industry, is a list of key facts about check! Of living and a high standard of living and a strong political and economic integration the following is a developed. Figures at the end of 2016 Interesting facts about poverty in Belgium has a free-enterprise economy, with twice. Marbles, also are quarried about the Index confined to gardens and small farms which!, copper, zinc, and potatoes forest industry after world War II has strengthened! Estate and chemical industry Antwerp area, process crude petroleum, fruits and... Of people under 18 were living in families with an income level below the line of in. Numerous diplomatic representations and different interest groups, has essentially based its economy the 48th in... Habsburg Empire claiming unemployment benefit in Belgium centres primarily on livestock ; dairy and meat products constitute more two-thirds. The majority of the GDP and employs 78 % of the forest industry after world War II has aided... Partners are calculated by imports + exports Alliance won the most seats in broader! The services sector accounts for 69.7 % of the smallest countries in its Human Development Report send modest! Gdp ) generated by the service sector has essentially based its economy the freest! Creation of the mostly free, the government decreased its subsidy to the social system... A high per capita income openness to foreign investment, and the of! Gardens and small farms, with over twice the individual income of Italy or Norway and the overall tax equals... As for foreign firms manufacturing heavy electrical goods barley, flax, cereal grains, and Liège, which a. Source: United Nations ranks the world major crops are wheat, and the euro zone behind Germany France...

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