30 countries receive more than 80 percent of their GDP from services sector. 1.3.1 A Gateway to Europe Bermuda ranked first for GDP > composition by sector > services amongst Latin America and Caribbean in 2012. Main points. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Read more. Gross domestic product growth in Wales was 0.3% in Quarter 4 (Oct to Dec) 2018. Data source is CIA Factbook. 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. 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. The GDP value of Belgium represents 0.44 percent of the world economy. October 9, 2020 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 %. Directly accessible data for 170 industries from 50 countries The Gross Domestic Product (GDP) in Netherlands was worth 909.07 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Government Spending to GDP in Belgium averaged 54.24 percent from 1980 until 2019, reaching an all time high of 64 percent in 1983 and a record low of 48.60 percent in 2007. 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. Statista. 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. Definition: This entry shows where production takes place in an economy. In fact, some sectors of the Belgian economy have come to be dominated by foreign firms. ", Statbel, Gross Domestic Product (GDP) in Belgium in 2018, by economic sector (in million euros) Statista, https://www.statista.com/statistics/525794/distribution-gross-domestic-product-gdp-across-different-economic-sectors-in-belgium/ (last visited December 03, 2020), Gross Domestic Product (GDP) in Belgium in 2018, by economic sector, Number of companies in France 2017, by business sector, Corporate pre-tax turnover of French companies 2016, by sector of activity, Net salary by business sector in France in 2016, Distribution of companies created in France 2012-2018, by legal status, Number of micro-businesses created in France 2018, by business line, Number of social and solidarity economy enterprises created in France 2017, Wish of French people to manage or to set up their own company 2018, Share of French people who want to create their own company 2018, by gender, Share of French people who want to create their own company 2018, by age, Breakdown of taxes on companies in France 2018, by type of tax, France: number of taxable companies for corporate taxes 2010-2018, France: number of companies paying VAT 2012-2018, Companies: time dedicated to administrative tasks 2017, by country, Level of entrepreneurial spirit in France 2018, Personal motivations of the French for being an entrepreneur 2011-2016, People entering entrepreneurship due to lack of jobs worldwide 2017, by country, Number of French entrepreneurs 2012, by status and gender, Income of business leaders in France 2012, by gender and company size, Average income of business leaders of large companies in 2015, by country, Mood of business leaders in France February 2019, Mood of business leaders in France February 2019, by business line, Mood of business leaders in France February 2019, by company size, Evaluation of the current situation by business leaders in France February 2019, Evaluation of executives on the current situation in France 2019, by company size, Evaluation on the current situation by executives in France 2019, by business line, Share of French business leaders who are worried or not about Brexit 2019, Ranking of the highest-earning CEOs in the world 2015, Share of companies planning to recruit worldwide 2017, by country, Hiring objectives of business leaders in France February 2020, Hiring objectives of business leaders in France February 2020, by business line, Hiring objectives of business leaders in France February 2020, by company size, Defects in a job application according to French recruiters 2016, Reasons for recruiting a candidate for a job in France 2016, Most important elements for an effective job offer in France 2016, Difficulties encountered by HR professionals when recruiting in France 2016, Employment in Italy 2018, by economic sector, Saudi Arabia's GDP by economic activity 2018, Monthly PPI for agriculture, forestry and fishing in Malaysia 2018-2019, Czech Republic: gross domestic product (GDP) per capita in PPS 2005-2017, GDP per capita index in Italy 2005-2025, by macro-region, Number of industrial parks in Vietnam 1991-2016, Leading 16 cities with the largest industrial added value in Italy 2008, Gross Domestic Product (GDP) in Belgium in 2018, by economic sector (in million euros), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre, Trade, transport, hotels, restaurants and cafes. 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). Services sector is the leading sector in 201 countries/economies. 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 fact, the tertiary sector accounts for 69.7% of the GDP and employs 78% of the active population. This rate is 225 -tenths of one percent higher than the figure of -11.8% published in the first quarter of 2020. In the third part, the analysis of the sector’s economic importance is supplemented by an analysis from 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 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. 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. 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 DataBank. Chad has lowest 27% contribution by services sector in its economy. Countries by GDP Sector Composition as of 2017. 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. Belgium gdp growth rate for 2018 was 1.49%, a 0.42% decline from 2017. Belgium: Industrial activity falls at sharper pace in August. As a result, Belgium: Industrial activity falls at sharper pace in August. Country. This concerns 38 % compared to 30 % of the total working population aged 15 to 64. October 29, 2020. Belgium has Europe’s eighth biggest chemical industry, generating five percent of the value created by the sector across the continent. and over 1 Mio. the last decades, added value of the manufacturing industry to the Belgian GDP continued to slip. It also has found that the difference in GDP contributions between … Belgium ranked 7th last for GDP > composition by sector > industry amongst High income OECD countries in 2012. $39 per month* World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita Are you interested in testing our corporate solutions? Please note that OECD reference year from 2010 to 2015 changed on Tuesday 3rd of December, 2019. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Accessed December 03, 2020. https://www.statista.com/statistics/525794/distribution-gross-domestic-product-gdp-across-different-economic-sectors-in-belgium/, Statbel. According to DeRedactie.be, Belgian news portal, at the end of 2016 terrorism attacks caused a loss of 2.4bn euros of the GDP. According to the report, the surge in the number of migrants, during the past five years, has boosted the gross domestic product (GDP) in Belgium by 3.5 per cent, SchengenVisaInfo.com reports. Please note that OECD reference year from 2010 to 2015 changed on Tuesday 3rd of December, 2019. Belgium’s tax, labour, pension and education reforms have improved the potential for stronger, sustainable and inclusive growth over the long term. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. While GDP is the single most important indicator to capture economic activity, it falls short of providing a suitable measure of people's material well-being for which alternative indicators may be more appropriate. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Government spending in Belgium was last recorded at 52.2 percent of GDP in 2019 . Updated as of 2019. 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. Latest official GDP figures published by the World Bank. 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 The Belgian economy is largely oriented towards services. 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. Profit from additional features by authenticating your Admin account. Gross Domestic Product in Belgium 2018, by economic sector Forecast change value added of 11 industries in the Netherlands 2019-2021 Consumer spending change in the Netherlands due to coronavirus 2020 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. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. Factoid #147 France is the top destination in the world for tourists, accounting for 11 percent of all tourist arrivals worldwide. Register in seconds and access exclusive features. 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. Chart S1-2 shows the contribution of each sector to the annual nominal growth rate of euro area gross value added (GVA) at basic prices (which is equal to GDP at market prices minus taxes plus subsidies on products). 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. Although Belgium is a wealthy country, public expenditures far exceeded income for many years, and taxes were not diligently pursued. Field Listing :: GDP - composition, by sector of origin This entry shows where production takes place in an economy. Luxembourg ranked first for GDP > composition by sector > services amongst High income OECD countries in 2007. Even this bleak outlook is subject to great uncertainty and significant downside risks. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Belgium ranked second last for GDP > composition by sector > agriculture amongst European Union in 2012. Statbel. Brussels, the hub of several European institutions, numerous diplomatic representations and different interest groups, has essentially based its economy … The services sector accounts for a large portion of GDP in the export-driven economy. Belgium from The World Bank: Data. GDP fell 5.2% on year in the third quarter on a calendar and price-adjusted basis, the National Bank of Belgium said. Belgium - GDP (billions of Euros) Economy recovers in Q3, but is likely to face headwinds in Q4. A possibility of even worse outcomes. Belgium has excellent gas transport infrastructure, and its gas market is well-integrated with those of its neighbours. 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. 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. Download Historical Data Save as Image. De implementatie van de GDP-richtlijnen doorheen de gehele supply chain is een minimumvereiste voor alle logistieke spelers in de farmaceutische sector. WDI Tables. (October 18, 2019). About 40% of Belgian land is specifically for agriculture . 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 The Belgian Government reacted to the 1973 and 1979 oil price hikes by hiring the redundant work force into the public sector and subsidizing industries like coal, steel, textiles, glass, and shipbuilding, which had lost their international competitive edge. A downside risk to our forecast is that being export-oriented, Belgium is exposed to swings in external demand. You only have access to basic statistics. The Belgian economy also is inextricably tied to that of Europe. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita - … Most of the agriculture in Belgium is used for the country itself. Belgium has land resources and a highly-qualified workforce. Belgium ranked #13 for GDP amongst Europe in 2012. Share of voice of media in Belgium 2017, by sector Share of economic sectors in GDP in Belize 2019 Share of economic sectors in the GDP in Trinidad and Tobago 2018 Belgium’s outward investment (equivalent to 95% of GDP in 2015) was almost the same size as its inward investment (98%). Agriculture, Industry and Services sector is the largest sector of 9, 15 and 201 countries, respectively. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods. Gibraltar has 100% of gdp in services sector, other two sectors has zero output. October 18, 2019. Belgium ranked 7th last for GDP > composition by sector > industry amongst High income OECD countries in 2012. Read more. Estimates of quarterly GDP in the English regions and Wales are published here for the first time, alongside data previously published by the Scottish Government and the Northern Ireland Statistics and Research Agency (NISRA). Please refer to the dataset Gross domestic product (GDP), 2019 archive to access longer time series based on the methodology prior to the 2019 benchmark revisions. Na afloop van deze training: Projections for Belgium: summary of the main results In consequence, from 2013 to 2014, Belgium’s general government gross debt-according to the System of National Accounts definition-as percentage of GDP further augmented by 12.1 percentage points from 117.6% to 129.7%, the fourth highest increase for countries with available information. The agency revised data for the second quarter of 2020. Methodology. This feature is limited to our corporate solutions. GDP Growth Rate in 2017 was 1.73%, representing a change of 8,748,244,171 US$ over 2016, when Real GDP was $516,766,169,314. SECTION 2 INDUSTRY 4.0 IN BELGIUM According to the latest OECD data, Belgium’s manufacturing is still picking up with rising production. Belgium: Economy recovers in Q3, but is likely to face headwinds in Q4. Exports of goods and services (% of GDP) World Bank national accounts data, and OECD National Accounts data files. Economic Survey of Belgium 2020. The services sector accounts for a large portion of GDP in the export-driven economy. Data Source: World Bank MLA Citation: Following the revision, Belgium's GDP contracted 11.8% in the second quarter compared with a first estimate of a 12.2% decline. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. 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. Belgium gdp growth rate for 2017 was 1.90%, a 0.43% increase from 2016. 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. 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's agriculture sector is only about 1.3% of the GDP. 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. October 9, 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 figures are based on nominal GDP and GDP (PPP) estimates and sector composition ratios provided by the CIA World Factbook at market or government ... Belgium: 529,200: 0.7%: 22.1%: Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Belgium boasts a dense network of rails and roadways and Europe’s second-busiest port, Antwerp. 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