Belgium PESTLE Insights – A Macroeconomic Outlook Report

Financial intermediation, real estate, and business activities contributed 30.6% to the gross value added (GVA) in 2023, followed by mining, manufacturing, and utilities (17.8%) and wholesale, retail, and hotel activities (12.8%). In nominal terms, the three sectors are expected to grow by 3.8%, 3.0%, and 5.1%, respectively, in 2024.

Three major cities in Belgium accounted for 43.7% of the country’s population and 52.9% of GDP in 2023, according to MarketLine.

Scope

According to the World Bank, Logistics Performance Index (2023), Belgium ranked seventh out of 139 nations in 2023.

Reasons to buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Companies mentioned

VIRTEO

ABInBev

Ablynx

Table of Contents

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

List of Tables

Exhibit 1: Belgium’s performance in terms of its country risk analysis in comparison to West Europe and world average

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: BEL20 index, (April 2023 – April 2024)

Exhibit 5: Key sectors contribution to the economy (2019–26f)

Exhibit 6: Direct investment flows in terms of assets and liabilities (Q4 2021 – Q4 2023) and FDI by sector (2019–22)

Exhibit 7: Direct investment inward income and stock by region (Q4 2022 – Q4 2023)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2019–23)

Exhibit 14: Pharmaceutical products exports, % of world total (2022)

Exhibit 15: Interest rates (April 2019 – April 2024)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: Public finance (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Average annual wages (2019–26f)

Exhibit 21: Labor cost index (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High technology exports, % of manufactured exports (2022)

Exhibit 28: Rule of law index (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2023)

Exhibit 30: Renewable energy, installed capacity (2019–23)

Exhibit 31: CO2 emissions (2018–22)

List of Figures

List of Figures

Exhibit 1: Belgium’s performance in terms of its country risk analysis in comparison to the West Europe and World averages

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: BEL20 Index (March 2021 – March 2022)

Exhibit 5: Key sectors’ contribution to the economy (2017-24f)

Exhibit 6: FDI flows (Q3 2019-Q3 2021) and FDI by sector (2017-20)

Exhibit 7: Investment by region and country (Q4 2020-Q3 2021)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2017-24f)

Exhibit 10: Real GDP growth rate comparison (2021)

Exhibit 11: Exports and imports, percentage change (2017-24f)

Exhibit 12: Current account balance (2017-24f)

Exhibit 13: Top three commodity exports, % of total exports (2017-20)

Exhibit 14: Vehicles, % of world total (2020)

Exhibit 15: Interest rates (January 2017 – January 2022)

Exhibit 16: Exchange rate and inflation (2017-24f)

Exhibit 17: Public finance (2017-24f)

Exhibit 18: General government debt (2017-24f)

Exhibit 19: Unemployment (2017-24f)

Exhibit 20: Average annual wages (2017-24f)

Exhibit 21: Labor cost index (2017-24f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Gender split (1995, 2005, 2015, 2025)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2021e)

Exhibit 26: Number of patents granted per million people (2021e)

Exhibit 27: High-technology exports, % of manufactured exports (2020)

Exhibit 28: Doing Business in Belgium 2020

Exhibit 29: Corruption perceptions index (Rankings) (2021)

Exhibit 30: Renewable energy, installed capacity (2017-20)

Exhibit 31: CO2 emissions (2017-20)

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