Economic growth challenged by some (old) fiscal challenges
AA1
LOW RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD 578.6bn (World ranking 25, World Bank 2022) |
Population | 11.7mn (World ranking 80, World Bank 2022) |
Form of state | Constitutional parliamentary monarchy |
Head of government | Alexander De Croo (PM, outgoing) |
Next elections | 2029, legislative |
Updated in July 2024.
Strengths & Weaknesses
![Strengths](/en_US/resources/country-reports/belgium/_jcr_content/root/parsys/wrapper_copy/wrapper/multi_column_grid_co/grid-0-par/wrapper/wrapper/image.img.82.3360.png/1721199945277/plus.png)
- Resilient economy through pandemic and energy crisis
- Solid labor market and job creation
- Private consumption remained supported by government measures and protected wages
- Financial sector proves resilient, banking sector improved profitability and capital position
- Strategically located at the heart of Europe, home of international institutions and workers
![Weaknesses](/en_US/resources/country-reports/belgium/_jcr_content/root/parsys/wrapper_copy/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1721199965255/minus.png)
- High public debt ratio, no significant consolidation efforts after massive support during crises
- Manufacturing sector suffering after strong performance in 2021-22 (linked to pharma)
- Automatic wage indexation can pose fears of wage-price spiral and hamper competitiveness
- Export-oriented country which is suffering in a weak demand environment
- Political fragmentation persists
Economic Overview
Trade structure by destination/origin
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
Germany
20.2%
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1 |
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Netherlands
14.1%
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2 |
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France
12.4%
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3 |
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United States
6.8%
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4 |
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United Kingdom
5.1%
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5 |
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Trade structure by product
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
Medicinal and pharmaceutical products
16.9%
|
1 |
13.6%
Gas, natural and manufactured
|
Gas, natural and manufactured
10.8%
|
2 |
11.4%
Medicinal and pharmaceutical products
|
Road vehicles
8.1%
|
3 |
10.1%
Petroleum, petroleum products and related materials
|
Petroleum, petroleum products and related materials
8.0%
|
4 |
8.5%
Road vehicles
|
Organic chemicals
3.8%
|
5 |
6.4%
Organic chemicals
|