Belgium, with a population of 11,685,814, is ranked 78th in the world, just behind Bolivia. Located in Western Europe, it covers a total area of 30,530 square kilometers, ranking 130th globally, just below Moldova.
Belgium’s economic position in 2022 is robust, with a GDP of $583,435,595,579.96, ranking 25th globally. It follows Sweden, which has a GDP of $591,718,144,602.14. Belgium’s GDP per capita is $49,926.83, placing it 22nd worldwide.
It is surpassed by Finland, with a GDP per capita of $50,871.93. Despite facing competition from neighboring countries, Belgium’s economy remains strong and competitive on the global stage.
What are the economic activities of Belgium?
- Primary activities: 0.7% of GDP.
- Secondary activities: 22.1% of GDP.
- Tertiary activities: 77.2% of GDP.
Primary Sector of Belgium
Belgium’s primary sector, with 45.1% agricultural land, thrives due to its temperate climate and fertile soil. Key products like sugar beets, milk, and potatoes drive this sector. Agriculture, contributing 0.7% to GDP, remains vital.
The diversity of crops such as wheat, lettuce, and maize, along with animal products like pork and chicken, underlines the sector’s significance.
Belgium’s geological diversity influences its natural resources. Rich in construction materials, silica sand, carbonates, and arable land, these resources drive the economy through construction, glass production, agriculture, and more.
Secondary Sector of Belgium
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials from primary activities into finished products for consumption. In Belgium, main industrial products include engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, and petroleum.
Manufactures play a crucial role in Belgium’s total exports, accounting for 69.01% in 2023. This highlights the significance of the manufacturing sector in driving the country’s economic growth and global trade competitiveness.
Tertiary sector of Belgium
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Belgium encompasses a wide range of service-based activities that focus on providing intangible goods to enhance productivity and meet various needs. Some of the main tertiary activities in Belgium include restaurants, healthcare and medical care, education and training, banking and finance, communication and information exchange, media production and distribution, and tourism and hospitality. These sectors play a crucial role in driving the country’s economy and improving the overall quality of life for its residents.
Among these, Belgium’s tourism industry, with an annual arrival of 9,343,000 tourists and a ratio of 0.7995 arrivals per capita, plays a relatively insignificant role in the country’s economy. Despite its rich cultural heritage and attractions, the tourism sector contributes minimally to Belgium’s overall economic output, indicating the nation’s reliance on other industries.
Another example of tertiary economic activity is the mobile cellular sector, boasting around 11.9 million subscriptions, which fosters technological growth by enhancing connectivity and enabling digital innovation across industries.
Military Activities and Economic Sectors of Belgium
The military is a clear example of various economic activities working together. In the primary sector, resources are extracted for military use, such as metals for weapons. The secondary sector involves the manufacturing of military equipment, like vehicles and weapons. The tertiary sector includes services provided by the military, such as logistics and training. Research and development in the quaternary sector helps improve technology, while the quinary sector focuses on high-level decision-making and strategy.
In Belgium, the military expenditure for 2023 is 7,629.4 million US dollars, which is 1.18% of the country’s GDP. The active military force consists of 26,300 personnel, resulting in 2.7 active military members per 1,000 capita. This data shows how military activities impact the economy and society.
Biggest company in Belgium
Which is the biggest company in Belgium? The largest is Anheuser-Busch InBev, with a market value of $118.52 billion. It operates in the Food and Beverage industry, specifically in the secondary sector. The company was founded in 2008, following a merger of major breweries.
International Trade of Belgium
Import Activities of Belgium
Belgium’s high import activities, accounting for 97.36% of GDP, are crucial for its economy’s growth and meeting consumer demands.
Belgium’s key import activities include natural gas, refined petroleum, cars, packaged medicine, and vaccines. Its top import partners are the Netherlands (19%), Germany (12%), France (9%), the US (6%), and China (6%).
Exports Activities of Belgium
Belgium’s export activities are of utmost importance, accounting for 95.73% of its GDP. With total exports reaching 393 billion in 2023, the country heavily relies on international trade for economic growth and stability.
Belgium’s export activities are diverse, with key partners like Germany, France, and the Netherlands. Its main exports include natural gas, vaccines, refined petroleum, packaged medicine, and cars.
Belgium economy challenges in 2024
Belgium faces challenges in 2024 with high public debt, slow growth, and an aging workforce. Structural deficits from social spending hinder progress, despite steady growth from household consumption and energy recovery. Weak productivity and participation rates add to the struggle.
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