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Economic and political overview

Economic Overview

Situated between the UK, Germany and France, Europe’s three main economies, Belgium benefits from a strategic geographical position. Despite facing global economic challenges, Belgium's economy displayed remarkable resilience in 2024, with GDP growing 1.1%. However, growth in 2025 was subdued, mainly due to weak investment. Private consumption strengthened, supported by rising real incomes. While business investment slowed, weighed down by tighter financial conditions, household investment remained constrained. For the year as a whole, the IMF estimated a 1.1% rise in economic activity. Private consumption is expected to rise moderately over the forecast horizon, reflecting modest disposable income growth. Despite declining, the saving rate should remain high in 2026-27 due to weak consumer confidence. Business investment will continue to grow at a slower pace, supported by lower financing costs and improved external demand. Overall, investment is projected to grow only modestly in 2026 and 2027, weighed down by tighter financial conditions and geopolitical uncertainty (EU Commission). GDP growth is forecast at 1.2% this year, and 1.3% in 2026 (IMF).

In 2025, the government budget deficit increased to 5.2% of GDP. A strong decline in revenues, mainly from income and wealth taxes, was compounded by higher expenditure. The increase in expenditure was driven by defence and social benefits, alongside ageing-related costs and public debt interest. In 2025, the deficit is expected to rise further to 4 GDP, as no major new consolidation measures are planned (IMF). Expenditure on social benefits will continue to grow, and interest costs will increase due to higher debt levels and refinancing rates, despite falling interest rates. These increases will be partly offset by a moderation in government investment after the election year. In 2025, general government debt increased to around 107.9% of GDP, driven by the persistent government deficit. In 2026 and 2027, debt is projected to rise further to 112.8% of GDP (EU Commission forecast), driven by the government deficit, despite the fact that federal and regional governments have recently taken steps toward consolidation and sovereign bond spreads have remained stable. Meanwhile, inflation up to 4.3% in 2024 ... down to 2.1% in 2025 and 2% in 2026 (IMF) and easing inflationary pressures over the forecast horizon are set to bring it down to 2.8% in 2026 and 2.2% in 2027 (IMF).

Employment growth remained sluggish through 2025, mainly due to weakness in industry. Over the year as a whole, around 21,200 net new jobs were created. Employment is expected to increase steadily in the coming years, with the rise in the retirement age likely to boost labour market participation, while the unemployment rate is projected to remain stable at around 5.7%. Wage growth, driven by automatic wage indexation, is expected to slow due to the anticipated deceleration of inflation. The low labour market participation rate remains a major challenge for Belgium in the coming years, with unemployment disproportionately affecting young people, non-European immigrants and the region of Wallonia as a whole. Overall, Belgian citizens enjoy a high GDP per capita, estimated on average at GDP per capita ... USD 58,256 by the IMF for 2025.

 
Main Indicators 2025 (E)2026 (E)2027 (E)2028 (E)2029 (E)
GDP (billions USD) 724.92776.73797.02816.96840.79
GDP (Constant Prices, Annual % Change) 1.00.71.11.11.2
GDP per Capita (USD) 61,00265,11266,59068,05069,840
General Government Balance (in % of GDP) -5.3-5.1-5.2-5.3-5.4
General Government Gross Debt (in % of GDP) 106.3109.2111.5114.2116.6
Inflation Rate (%) 3.02.82.22.12.0
Unemployment Rate (% of the Labour Force) 6.26.26.16.05.9
Current Account (billions USD) -15.44-15.55-15.39-10.64-9.19
Current Account (in % of GDP) -2.1-2.0-1.9-1.3-1.1

Source: IMF – World Economic Outlook Database , Latest data available

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

Belgium’s strategic geographical position, its highly developed transport infrastructure, the wide range of services and its influence in industry and high tech have contributed to the development of its economy. Agriculture contributes a small amount of the national GDP (0.7%) and employs 1% of the active population (World Bank, latest data available). The main crops are sugar beets, vegetables and fruits, meat and milk. According to data by StatBel, weather conditions, particularly the abundance of rainfall, had a definite impact on the economic situation of Belgian agriculture in 2024. They disrupted all stages of field crop production, with significant repercussions for both sowing and yields, while price rises could not compensate for the loss of income. However, net value added in the agricultural sector was estimated to increase by 4.2%. On the one hand, the production value of the agricultural sector was projected to decrease by 0.7% compared to 2023, but on the other, intermediate consumption was anticipated to fall by 2.7%.

The industrial sector accounts for 18.6% of GDP, employing 19% of the workforce. There are significant discrepancies between the three Belgian regions: while Flanders has succeeded in developing the second-largest petrochemical industry in the world, Wallonia is in the middle of restructuring, following the closure of its collieries and a large number of steel plants. Brussels distinguishes itself in the areas of telecommunications, software development and the pharmaceutical and automobile industries. Despite a decline in its contribution to GDP in recent years, the manufacturing industry remains important for the Belgian economy, accounting for 11%. The latest data from StatBel shows that the total value of Belgian industrial production decreased from EUR 216 billion in 2022 to 196 billion in 2023, representing a 9% decrease on an annual basis. In the same period, the largest total value was recorded by the manufacture of food products. Chemical products, basic pharmaceutical products and pharmaceutical preparations rounded out the top three largest industrial sectors.

The country’s economy is largely oriented towards services. In fact, the tertiary sector accounts for 71.2% of the GDP and employs 80% of the active population. Brussels, the hub of several European institutions, numerous diplomatic representations and different interest groups, has essentially based its economy on services. Tourism is also an important sector of the economy: a total of 46.1 million overnight stays were recorded in Belgium in 2025, representing a 3% increase compared to 2024 and the first time the country passed the 46 million mark. Concerning the banking sector, the Belgian banks’ total assets on a consolidated basis stood at EUR 1,156 billion at the end of 2023 (European Banking Federation, latest data available).

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 0.98 19.25 79.77
Value Added (in % of GDP) 0.73 18.61 71.23
Value Added (Annual % Change) -0.15 1.04 0.89

Source: World Bank - Latest available data.

 
Monetary Indicators 20212022202320242025
Euro (EUR) - Average Annual Exchange Rate For 1 USD 0.850.950.920.920.88

Source: World Bank - Latest available data.

 

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Foreign Trade

The Belgian economy is particularly open, with foreign trade representing 153% of GDP (World Bank, 2025). Belgium plays an important role as a transit and distribution centre for other countries in the European Union. According to Comtrade data, in 2025 Belgium's exports were led by medicaments (7.6%), vaccines and other blood products (7.5%), motor cars (6.5%), refined petroleum oils (5.4%), petroleum gas (3.5%), and diamonds (1.5%). The main imports were motor cars (7.1%), medicaments (6.9%), petroleum gas (5.2%), crude oil (4.9%), and vaccines and other blood products (4.3%).

Belgium's role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with its EU trading partners. Germany remained the first customer in 2025 (16.7%), followed by France (12.6%), the Netherlands (12.5%), the U.S. (7.7%), and the UK (5.8%). The main suppliers were the Netherlands (22.9%), Germany (13.4%), France (11.4%), the United States (6.8%), and Italy (4.5% - data Comtrade).

According to WTO data, in 2025, exports amounted to USD 568.1 billion, while imports reached USD 537.7 billion (+2.4% and +2.2% y-o-y, respectively). Exports of services totalled USD 159.9 billion, as imports stood at USD 175.0 billion. The country’s trade balance is generally positive, but in 2025 was negative (-2.0% of GDP, from -0.4% one year earlier – data World Bank).

 
Foreign Trade Values 20212022202320242025
Imports of Goods (million USD) 526,615625,041564,974525,986537,701
Exports of Goods (million USD) 551,478638,282578,515554,582568,105
Imports of Services (million USD) 137,638144,981156,467164,295174,848
Exports of Services (million USD) 136,051137,756146,462150,580159,887

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20212022202320242025
Foreign Trade (in % of GDP) 177.4191.1166.0159.0152.9
Trade Balance (million USD) 12,919-5,5738,46311,1541,308
Trade Balance (Including Service) (million USD) 11,388-12,548-1,573-2,611-13,811
Imports of Goods and Services (Annual % Change) 12.83.5-7.6-1.30.1
Exports of Goods and Services (Annual % Change) 14.73.1-7.2-1.7-0.3
Imports of Goods and Services (in % of GDP) 87.896.783.279.777.5
Exports of Goods and Services (in % of GDP) 89.694.482.879.375.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2026 (e)2027 (e)2028 (e)2029 (e)2030 (e)
Volume of exports of goods and services (Annual % change) -0.52.53.12.82.8
Volume of imports of goods and services (Annual % change) -0.22.73.03.13.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Belgium is a member of the following international economic organisations: Benelux Economic Union, ICC, OECD, European Union, IMF, G-9, G-10, WTO, among others. For the full list of economic and other international organisations in which participates Belgium click here. International organisation membership of Belgium is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Belgium can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)		 2025
Germany 16.9%
France 12.6%
Netherlands 12.6%
United States 7.6%
United Kingdom 5.8%
See More Countries 44.6%
Main Suppliers
(% of Imports)		 2025
Netherlands 23.0%
Germany 13.4%
France 11.2%
United States 6.9%
Italy 4.5%
See More Countries 40.9%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
King: Philippe of Belgium (since 21 July 2013);
Prime Minister: Bart De Wever (since 3 February 2025)
Next Election Dates
House of Representatives: June 2029
Senate: July 2029
Main Political Parties
Historically, parties are divided between French and Flemish groups, fuelling intercommunal tensions. The main parties following the 2024 elections are:

- New-Flemish Alliance (N-VA): right-wing, pushes for Flemish independence from Belgium, Eurosceptic
- Flemish Interest (Vlaams Belang): right-wing populist, pushing for Flemish independence
- Reform Movement (MR): centre-right, francophone party
- Workers' Party of Belgium (PTB-PVDA): far-left (ideologies: communism, marxism, marxism-leninism, socialism)
- Socialist Party (PS): centre-left, largest francophone party
- Vooruit: social democratic, formerly known as the Flemish Socialist Party
- Christian, Democratic and Flemish Party (CD&V): centre-right
- Les Engagés (LE): centre, francophone party
- Open Flemish Liberal Democrats (Open VLD): centre-right, Flemish party
- Groen: green, Flemish party
- Ecolo: green, francophone party
- Démocrate fédéraliste indépendant (DéFI): social-liberal, francophone.
Executive Power
Chief of the state is the King, who plays a largely ceremonial and symbolic role. The King's primary political function is to designate a political leader (Prime Minister) to form a new government. Following legislative elections, the leader of the majority party (or the leader of the majority coalition) is usually appointed Prime Minister by the King and then approved by the parliament for a five-year term. The King, on recommendation of the Prime Minister, formally appoints the Council of Ministers. At the federal level, executive power is wielded by the Council of Ministers, with each minister heading a governmental department, with a maximum of 15 ministers. The Prime Minister chairs the Council.
Legislative Power
The Belgian Parliament is bicameral and consists of the Senate and the Chamber of Representatives. The Chamber has 150 directly elected members by proportional representation vote. The Senate has 60 members; 50 members indirectly elected by the community and regional parliaments based on their election results, and 10 elected by the 50 other senators. All the members of the Parliament serve 5-year terms.
 

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