Belgium
Everything Palanor holds about Belgium, in one place: 249 public signals, what its economy runs on, how often America’s largest companies name it, the news that names it, and Country Posture. Every figure is computed from stored readings and carries its source and date.
EuropeEuropean UnionEuro AreaOECD
The latest read
- GDP in current U.S. dollars: $725.5 billion (2025); record high since 1960; 1y +8.1%.
- Real GDP growth: 0.98% (2025); 18th percentile since 1961; lowest since 2020; 1y −0.12 pts.
- Consumer price inflation: 2.47% (2025); 47th percentile since 1960; lowest since 2021; 1y −0.67 pts.
- Unemployment: 5.91% (2025); 16th percentile since 1991; highest since 2021; 1y +0.21 pts.
- Household consumption, share of GDP: 52.3% of GDP (2025); 51st percentile since 1990; highest since 2018; 1y +0.23 pts.
- Net exports, share of GDP: -2.02% of GDP (2025); 4th percentile since 1990; lowest since 2022; 1y −1.63 pts.
- S&P 500 companies naming it on earnings calls: 0.44% of companies (2026-10-21); 10th percentile since Dec 2021; highest since Jul 24, 2026; 1y −0.37 pts.
Country Posture
What Belgium’s economy is doing
Momentum
2025Inputs only. Did not pass the pre-registered back-test: 1996–2009: AUC 0.590 below 0.60; AUC 0.590 below the single-input baseline (0.624); 2010–2022: AUC 0.595 below 0.60; AUC 0.595 below the single-input baseline (0.641).
Inputs
| Real GDP growth | 1.0 |
| Growth against its three-year average | -1.2 |
| Change in unemployment | 0.2 |
| Change in the employment rate | -0.4 |
| Export volume growth | — |
| OECD leading indicator | — |
Resilience
202551Moderate buffers
0 = thin buffers · 100 = deep buffers
Moved most by current account (down) and reserves, months of imports (up) since the year before.
Inputs
| Interest as a share of revenue (2024) | 4.5 | 74 |
| Budget balance (2024) | -2.7 | 44 |
| Reserves, months of imports | 1.0 | 53 |
| Current account | -0.2 | 39 |
| Governance (WGI mean) | 1.13 | 45 |
| External debt | — | — |
Pressure
2025Inputs only. Did not pass the pre-registered back-test: 1996–2009: AUC 0.657 below the single-input baseline (0.672).
Inputs
| Inflation | 2.5 |
| Change in inflation | -0.7 |
| Currency move against the dollar | -4.3% |
| Conflict deaths per million | 0.0 |
| Political stability | 0.17 |
| Private credit, three-year change (2024) | -6.6 |
| Bond spread over U.S. Treasuries | -1.1 |
Posture describes what an economy is doing; it is not a rating and never ranks countries. Each input is read against the country’s own history and against every other economy that year. An axis shows a score only after passing a back-test fixed before any result was computed. Method and back-test.
Country Schemas
Where Belgium is in its cycles
Where Belgium sits in eight long cycles, each read from published statistics against a method fixed before any reading was computed. A stage describes; it is not a rating, and no stage is better or worse than another.
- Development stage
High mass consumption100% · 2025
Pre-take-offTake-offDrive to maturityHigh mass consumption20002025
- Demographic stage
Declining61% · 2025
High stationaryEarly expandingLate expandingLow stationaryDeclining20002025
- Debt cycle stage
Early cycle54% · 2025
Early cycleLeveragingLate cycleDeleveraging20002025
- External balance stage
Mature creditor47% · 2025
Immature debtorMature debtorDebt repayerImmature creditorMature creditorCredit disinvestor20002025
- Export structure stage
Complex exporter81% · 2025
Commodity-reliantDiversifyingManufacturing exporterComplex exporter20002025
- Structural pressure
Building83% · 2025
LowBuildingHighAcute20002025
- Middle-class stage
Affluent99% · 2025
Pre-middle-classEmerging middle classMiddle-class majorityAffluent20002025
- Electoral cycle
Mid-term99% · 2026-10
Post-electionMid-termPre-election2020-012026-10
Passport reach
Where a Belgium passport opens doors
The share of world GDP, outside Belgium itself, in the economies whose published rules let a holder of this passport in, as of October 2026. Palanor records the rules of destinations holding 88% of world GDP, from each government’s own list, and weights them by World Bank GDP for 2025. Rank is among 199 passports.
Work
34.6%rank 19 of 199
the right to work (free movement in full; treaty and working-holiday routes at half); 30 destinations in full, 5 at half.
Recorded changes
Reach is shown here and not weighted into Country Strength: it rewards membership of a free-movement area or a treaty more than the strength of an economy. Entry is always at the border officer’s discretion, and conditions (length of stay, fees, age limits) vary. Method, sources and the full ranking: Passports and citizenship.
Palanor calculation from each destination government's published rules; GDP weights from the World Bank (CC BY 4.0), one year for the whole line, so it moves only when a list changes.
GDP by expenditure
What Belgium’s economy runs on
In 2025, household spending was 52.3% of GDP, government consumption 23.9%, investment 25.8% and net exports -2.0% (exports 75.5%, imports 77.5%).
World Bank national accounts. The parts can miss 100 by a few points (the statistical discrepancy).
Same World Bank definition for every country, so the shares compare directly: What each economy runs on.
IMF World Economic Outlook
The IMF’s outlook for Belgium
The latest year before the October 2026 edition (often still an IMF estimate) and the IMF’s own projections. These are the IMF’s published forecasts, shown as published; Palanor does not project them further. Since the previous edition the IMF cut its growth forecast for this year by 0.0 percentage points (Palanor calculation).
| Measure | 2025 | 2026 IMF f’cast | 2027 IMF f’cast | 2031 IMF f’cast |
|---|---|---|---|---|
| Real GDP growth% | 1.0 | 0.7 | 1.1 | 1.3 |
| Inflation, average consumer prices% | 3.0 | 3.8 | 2.9 | 1.8 |
| Unemployment rate% of labor force | 6.2 | 6.2 | 6.1 | 5.8 |
| GDP, current US dollarsUS$ bn | 725.1 | 772.7 | 798.3 | 891.0 |
| GDP at purchasing-power parityintl $ bn | 904.8 | 941.3 | 981.8 | 1,113 |
| GDP per person, US dollarsUS$ | 61,014 | 64,774 | 66,699 | 73,636 |
| Current account balance% of GDP | -1.9 | -2.8 | -2.6 | -1.2 |
| Government gross debt% of GDP | 107.9 | 109.8 | 111.6 | 122.1 |
| Government net debt% of GDP | 93.0 | 95.5 | 97.8 | 109.9 |
| Government overall balance% of GDP | -5.2 | -5.3 | -5.4 | -5.9 |
| Government primary balance% of GDP | -3.4 | -3.2 | -3.1 | -2.7 |
| Government net interest paid% of GDP · Palanor calc. | 1.8 | 2.0 | 2.2 | 3.2 |
Source: IMF World Economic Outlook Database (edition on the projection). Dashed: the IMF's published projection.
Source: IMF World Economic Outlook Database (edition on the projection). Dashed: the IMF's published projection.
Source: IMF World Economic Outlook Database, October 2026. Provided by the IMF “as is” and free of charge from the IMF; the IMF does not endorse Palanor. Net interest paid is a Palanor calculation: the IMF's primary balance minus its overall balance.
Charts
The headline series
Discourse
How often S&P 500 companies name Belgium
3 of 445 S&P 500 companies named Belgium on an earnings call in the 90 days to 2026-10-21. 1.0% list it in the risk factors of their latest 10-K. Names only, counted by fixed rules set before any document was read; a mention says the country came up, not why.
Conflict
Organized violence
News
In the news
- French student protests persist, spread to Belgium
Student blockades continue across French campuses and protests spread to Belgium as demonstrations over school conditions show no sign of ending.
Palanor Wire2026-10-08negative · -protests
- A Belgium-sized area of Amazon wetland has been converted, and losses are climbing
Mongabay2026-10-19negative · -losses
- Europe must liberate Belgium from its huge Russian assets risk
FT Companies2026-10-18negative · -risk
- West Bank settlers attack Palestinians, Western diplomats, Belgium says reut.rs/47ZvIpp
Reuters · Bluesky2026-10-17negative · -attack
- GSK could cut more than 1,200 jobs in Belgium
Endpoints News2026-10-14negative · -cut
- Belgium strike partly shuts public sector as budget deal delayed reut.rs/4dSv7cP
Reuters · Bluesky2026-10-12neutral · -strike +deal
- France protests live: High school students rally over conditions, tensions flare in Belgium reut.rs/4zlQbka
Reuters · Bluesky2026-10-08negative · -protests
- Dutch say ASW frigate talks ongoing amid reports Belgium may quit project
Defense News2026-10-01neutral
Headlines that name Belgium, matched by name with fixed rules (a wrong match is worse than a missing one). Tone is read from each headline’s own words; no model reads or summarizes an article, and other publishers’ stories link out.
Company graph
Companies headquartered in Belgium
Palanor’s company graph holds 362 entities headquartered here, 8 with a listed ticker (GLEIF headquarters address, else legal address).
- Anheuser-Busch InBev SA/NVBUD · Bruxelles
- Lakefront Biotherapeutics NVLKFT · Mechelen
- JONES LANG LASALLE INCJLL · Brussel
- HENRY SCHEIN INCHSIC · VILVOORDE
- AMGEN INCAMGN · MACHELEN
- MATERIALISE NVMTLS · Leuven
- LANXESS AGLNXSY · Antwerpen
- AWARE INC /MA/AWRE · Ixelles
Signals
Every series about Belgium
Grouped by theme, the most-read first. All 249 in the Library.
Growth and output10 of 64
- Population, Historical (Maddison): Belgiumrecord high since 1; 1y +0.9%11,694,540 people2022
- GDP per Person, Historical (Maddison): Belgiumrecord high since 1; 1y +2.2%41,8722022
- GDP, Historical (Maddison): Belgiumrecord high since 1; 1y +3.1%489.72022
- Belgium · GDP · USD bn (current)record high since 1960; 1y +8.1%$725.5bn2025
- Belgium · Real GDP Growth · % y/y18th percentile since 1961; lowest since 2020; 1y −0.12 pts0.98%2025
- Belgium · GDP per Capita · PPP USDrecord high since 1990; 1y +0.6%74,676 usd2025
- Belgium: Share of World GDP at Market Exchange Rates22nd percentile since 1990; highest since 2020; 1y +0.012 pts0.61% of world GDP2025
- Belgium: Share of World GDP Minus Share of World Population26th percentile since 1990; highest since 2018; 1y +0.013 pts0.472025
- Belgium: Share of World Populationrecord low since 1990; 1y −0.001 pts0.15% of world population2025
- Belgium · Agriculture, Forestry and Fishing Value Added · % of GDP37th percentile since 1995; lowest since 2022; 1y −0.0619 pts0.73% of GDP2025
Prices4 of 6
- Belgium Consumer Price Index (OECD)record high since Jan 2010; 1y +4.7%140 index2026-09-01
- Belgium Inflation Rate (CPI, % y/y, OECD)90th percentile since Jan 2011; highest since May 2023; 1y +2.57 pts4.69% y/y2026-09-01
- Belgium Purchasing Power Since 2019 (100 = January 2019)record low since Jan 2019; 1y −4.5%76.62026-09-01
- Belgium · Inflation · CPI % y/y47th percentile since 1960; lowest since 2021; 1y −0.67 pts2.47%2025
Jobs and people at work6 of 7
- Belgium · Unemployment Rate (OECD Harmonised, Monthly)12th percentile since Jan 1983; lowest since Nov 2024; 1y −0.2 pts5.9% of labour force2026-08-01
- Belgium Unemployment Rate (Monthly, Eurostat)19th percentile since Jan 2000; lowest since Nov 2024; 1y −0.2 pts5.9%2026-08-01
- Average annual hours worked · Belgium51st percentile since 1990; 1y +0.2%1,586 hours2025
- Belgium · Female Labor Force Participation · %90th percentile since 1990; lowest since 2021; 1y −0.19 pts49.8%2025
- Belgium · Male Labor Force Participation · %18th percentile since 1990; lowest since 2021; 1y −0.35 pts59%2025
- Belgium · Unemployment Rate · %16th percentile since 1991; highest since 2021; 1y +0.21 pts5.91%2025
Money, rates and credit1 of 2
- Belgium 10-Year Government Bond Yield (Monthly)24th percentile since Jan 1955; highest since Jan 2012; 1y +0.53 pts3.76%2026-08-01
Stock market and listed companies2
- Belgium Share Prices (OECD, 2015 = 100)100th percentile since Apr 1985; 1y +25.4%145.52026-09-01
- Belgium Share Prices, Change Over a Year (OECD)82nd percentile since Apr 1986; highest since Apr 2026; 1y +20.02 pts25.4% y/y2026-09-01
Government and debt10 of 23
- Belgium · Cyclically Adjusted Balance (IMF)34th percentile since 1980; lowest since 2020; 1y −0.628 pts-5.37% of potential GDP2025
- Belgium · Cyclically Adjusted Primary Balance (IMF)14th percentile since 1980; lowest since 2021; 1y −0.489 pts-3.58% of potential GDP2025
- Belgium · Public Social Spending: Total (% of GDP)92nd percentile since 1980; highest since 2021; 1y +0.29 pts28.6% of GDP2024
- Belgium · Public Social Spending: Family (% of GDP)77th percentile since 1980; 1y −0.19 pts2.8% of GDP2021
- Belgium · Public Social Spending: Health and Disability (% of GDP)96th percentile since 1980; 1y −0.29 pts11% of GDP2021
- Belgium · Public Social Spending: Old Age and Survivors (% of GDP)94th percentile since 1980; lowest since 2018; 1y −0.84 pts11.7% of GDP2021
- Belgium · Public Social Spending: Other Social Policy (% of GDP)80th percentile since 1980; lowest since 2016; 1y −0.33 pts1.74% of GDP2021
- Belgium · Public Social Spending: Unemployment (% of GDP)8th percentile since 1980; 1y −0.82 pts1.86% of GDP2021
- Belgium · 10-Year Government Bond Yield · annual avg38th percentile since 1990; highest since 2011; 1y +0.26 pts3.19%2025
- Belgium · Budget Balance · % GDP21st percentile since 1990; lowest since 2021; 1y −0.81-5.17 pct_gdp2025
Trade and capital flows8 of 9
- Belgium's Share of Foreign-Held U.S. Treasuries95th percentile since Jan 2002; highest since Feb 2015; 1y +0.379 pts5.26% of foreign holdings2026-08-01
- U.S. Treasury Securities Held in Belgiumrecord high since Jan 2002; 1y +8.7%490.5 $ billions2026-08-01
- Belgium · Net International Investment Position (IMF)record high since Jan 2005; 1y +16.0%$445.7bn2026-04-01
- Belgium · Net International Investment Position, % of GDP (IMF)83rd percentile since 1981; 1y +1.80 pts55.8% of GDP2025
- U.S. Goods Trade With Belgium (Exports + Imports)record high since 1985; 1y +2.3%63.5 $ billions2025
- Belgium's Share of U.S. Goods Traderecord low since 1987; 1y −0.031 pts1.13% of U.S. goods trade2025
- Belgium · Tourism Intensity: Nights per Resident (annual)record high since 1990; 1y +2.3%3.882025
- Belgium · Current Account · % GDP19th percentile since 2002; lowest since 2022; 1y −0.89-0.16 pct_gdp2025
Energy and resources10 of 18
- Belgium · Business Electricity Price (incl. taxes) · € per kWh86th percentile since Jul 2007; 1y −2.0%0.23 € per kWh2026-01-01
- Belgium · Household Electricity Price (incl. taxes) · € per kWh91st percentile since Jul 2007; highest since Jul 2023; 1y +0.1%0.36 € per kWh2026-01-01
- Belgium · Bioenergy Share of Electricity Generation56th percentile since 2000; highest since 2022; 1y +0.36 pts5.11% of generation2025
- Belgium · Carbon Intensity of Electricity17th percentile since 2000; highest since 2020; 1y +19.2%151.3 gCO2e/kWh2025
- Belgium · Coal Share of Electricity Generationrecord low since 2000; 1y unchanged0% of generation2025
- Belgium · Electricity Generation10th percentile since 2000; lowest since 2015; 1y −5.1%72.1 TWh2025
- Belgium · Gas Share of Electricity Generation13th percentile since 2000; 1y +2.13 pts20.8% of generation2025
- Belgium · Hydro Share of Electricity Generation33rd percentile since 2000; lowest since 2022; 1y −0.37 pts0.35% of generation2025
- Belgium · Nuclear Share of Electricity Generationrecord low since 2000; 1y −7.63 pts33.5% of generation2025
- Belgium · Other Fossil Fuels Share of Electricity Generationrecord high since 2000; 1y +2.14 pts7.15% of generation2025
Conflict and geopolitics6 of 12
- U.S. Active-Duty Troops in Belgium (DMDC)45th percentile since Sep 2008; highest since Sep 2025; 1y −0.3%1,119 persons2026-08-31
- Belgium · Organized-Violence Deaths (UCDP, annual)record low since 1989; 1y unchanged0 deaths2025
- Belgium · Governance · WGI six-dimension meanrecord low since 1996; 1y −0.7%1.13 index2025
- Belgium · Political Stability · WGI6th percentile since 1996; 1y +6.1%0.17 index2025
- Belgium · Regulatory Quality · WGI35th percentile since 1996; 1y +0.6%1.21 index2025
- Belgium · Rule of Law · WGI24th percentile since 1996; lowest since 2010; 1y −0.8%1.27 index2025
Aid in and out2
- Belgium · Foreign Aid (Official Development Assistance) · US$ billions77th percentile since 2015; lowest since 2022; 1y −16.1%2.72 US$ billions2025
- Belgium · ODA as % of GNIrecord low since 2018; 1y −0.11 pts0.37% of GNI2025
Migration4 of 6
- International Migrant Stock: Belgium (UN)record high since 19902,349,032 people2024
- International Migrants as a Share of Population: Belgium (UN)record high since 199020% of population2024
- U.S.-Born People Living in Belgium (UN)record high since 199016,645 people2024
- Change in Migrant Share of Population Since 2000: Belgium (UN)9.512024
AI stance and technology4 of 5
- Belgium · R&D Spending per Person · € per inhabitantrecord high since 1983; 1y +2.7%1,706.52024
- Belgium · R&D Spending · % of GDP92nd percentile since 1995; highest since 2021; 1y +0.01 pts3.25% of GDP2024
- Belgium · R&D Spending · % of GDP91st percentile since 1996; 1y +0.0764 pts3.27% of GDP2023
- AI User Share: Belgium (Microsoft AI Diffusion)1y +6.80 pts40.3% of people aged 15-642026-06-30
Climate and the physical world6 of 8
- Belgium CO₂ Emissions (Global Carbon Budget)61st percentile since 1802; 1y +0.9%85.5 Mt CO₂2024
- Belgium Cumulative CO₂ Emissions (Global Carbon Budget)record high since 1802; 1y +0.7%12.9 Gt CO₂2024
- Belgium · Renewable Freshwater · m³ per personrecord low since 1961; 1y −0.9%1,0272022
- Belgium · Arable Land · % of land80th percentile since 2000; 1y unchanged28.3% of land area2024
- Belgium · Forest Area · % of landrecord low since 2000; 1y unchanged22%2024
- Belgium · PM2.5 Exposure · µg/m³record low since 1990; 1y −0.1%11.1 µg/m³2020
Health and living standards10 of 11
- Belgium · Life Expectancy at Birth · years98th percentile since 1960; 1y −0.1%82.3 years2024
- Belgium · Access to Electricity · % of populationrecord high since 1990; 1y unchanged100%2024
- Belgium · Human Development Index · UNDPrecord high since 1990; 1y +0.6%0.95 index2023
- Belgium · Antidepressants: Daily Doses per 1,000 Peoplerecord high since 1997; 1y +3.4%95.42024
- Belgium · Extreme Poverty ($3.00 a day) · % of population30th percentile since 1985; highest since 2020; 1y +0.1 pts0.1%2023
- Belgium · Basic Drinking Water Access · % of populationrecord high since 2000; 1y unchanged100%2024
- Belgium · Safely Managed Drinking Water · % of populationrecord low since 2000; 1y −0.01 pts99.6%2024
- Belgium · Undernourishment · % of populationrecord high since 2001; 1y unchanged2.5%2024
- Belgium · Poverty at National Lines · % of population1y −0.9 pts12.3%2022
- Belgium · Never Physically Active Outside Work · % of people30.6% of people2025-12-31
Sentiment and attention1
- Belgium · Search Attention74th percentile since Sep 2021; 1y −7.1%13 index2026-09-20
More about this country1 of 17
- Belgium · Total Reserves incl. Gold (IMF)99th percentile since Dec 1950; 1y +11.4%$53.8bn2026-07-01
Peers
Elsewhere in Europe
Alphabetical. Palanor does not rank countries.
AlbaniaAndorraAustriaBelarusBosnia and HerzegovinaBulgariaCroatiaCzechiaDenmarkEstoniaFaroe IslandsFinlandFranceGermanyGibraltarGreeceGuernseyHungaryIcelandIrelandIsle of ManItalyJerseyKosovoLatviaLiechtensteinLithuaniaLuxembourgMaltaMoldovaMonacoMontenegroNetherlandsNorth MacedoniaNorwayPolandPortugalRomaniaRussiaSan MarinoSerbiaSlovakiaSloveniaSpainSwedenSwitzerlandUkraineUnited KingdomVatican City