BRUSSEL: Belgium’s nominal gross domestic product is expected to grow at a CAGR of 3.29% from it’s 2015 level of Euro 410.351 billion and reach Euro 514.571 billion by 2022.
Belgium, officially Kingdom of Belgium, is a federal monarchy in Western Europe. It is a founding member of the European Union and hosts the EU’s headquarters as well as those of several other major international organisations such as NATO. Belgium covers an area of 11,787 square miles, and its capital and largest city is Brussels.
Belgium had estimated population of 11.311 million in the year 2016 and expected to reach 11.668 million by 2022. Belgium’s 4.738 million population was employed in 2016 and the unemployment rate was 7.975% of total labor force.
Belgium’s real gross domestic product (GDP) was around Euro 411.858 billions in 2016 whereas the nominal GDP was Euro 421.974 billions. This resulted in GDP deflator 102.456. Per capita GDP was estimated at USD 41238.27 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 45046.94. The output gap for Belgium in 2016 was negative at 0.553% of the potential GDP.
In 2016, Belgium government’s revenue was Euro 215.289 billions whereas the expenditure was Euro 226.603 billions. This resulted Belgium government’s net lending borrowing negative at Euro 11.314 billion in 2016 indicating that enough financial resources were not made available by the government to boost economic growth.
