GDP growth to remain subdued in 2024 and 2025

AA1

LOW RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2024.

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GDP USD82.3bn (World ranking 71, World Bank 2022)
Population 0.7mn (World ranking 167, World Bank 2022)
Form of state Constitutional Monarchy 
Head of government Luc Frieden (PM) 
Next elections 2028, general
  • Dynamic economy; competitive, digital and innovative
  • Resilient and attractive labor market
  • Economic and political stability
  • Economy little diversified (mostly focused on financial services)
  • Strongly dependent on the Eurozone economic cycle
  • Education system to be improved to address the challenges of digitalization and to better anticipate the skills that are needed

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Germany 23.9%
1
28.3% Belgium
France 14.9%
2
24.7% Germany
Belgium 10.4%
3
10.7% France
Netherlands 7.1%
4
6.9% Netherlands
Italy 4.6%
5
4.0% United States

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Iron and steel 18.0%
1
11.5% Road vehicles
Non-ferrous metals 6.9%
2
7.8% Petroleum, petroleum products and related materials
Road vehicles 6.4%
3
4.6% Metalliferous ores and metal scrap
Other industrial machinery and parts 6.0%
4
4.1% Electric current
Miscellaneous manufactured articles, n.e.s. 5.8%
5
3.6% Electrical machinery, apparatus and appliances, n.e.s.
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