Financial intermediation, real estate, and business activities contributed 32.1% to the gross value added (GVA) in 2024, followed by mining, manufacturing, and utilities (13.9%) and wholesale, retail, and hotel activities (13.5%). In nominal terms, the three sectors are expected to grow by 4.2%, 2.0%, and 1.7%, respectively, in 2025.
Three major cities in Belgium accounted for 44.4% of the country’s population and 53.9% of GDP in 2024, according to the analyst.
In April 2025, Brussels Airport announced its largest investment program in three decades, set to unfold by 2032. The initiative includes expanding the departure and arrival halls, constructing a new intermodal hub, a four-star hotel with over 300 rooms, a new drop-off zone, and a green boulevard featuring a park. Construction on the intermodal hub and hotel is set to begin in late 2026, while the drop-off zone will begin in late 2025 and be completed by the end of 2026.
Three major cities in Belgium accounted for 44.4% of the country’s population and 53.9% of GDP in 2024, according to the analyst.
In April 2025, Brussels Airport announced its largest investment program in three decades, set to unfold by 2032. The initiative includes expanding the departure and arrival halls, constructing a new intermodal hub, a four-star hotel with over 300 rooms, a new drop-off zone, and a green boulevard featuring a park. Construction on the intermodal hub and hotel is set to begin in late 2026, while the drop-off zone will begin in late 2025 and be completed by the end of 2026.
Scope
- Macroeconomic Country Outlook Reports evaluate a country's investment potential through its political, economic, social, technological, legal, and environmental (PESTLE) framework.
- This comprehensive analysis offers a holistic view of the economy, serving as a strategic tool to understand market dynamics, business potential, and operational direction. Each PESTLE factor is examined based on four parameters: current strengths, current challenges, future prospects, and future risks.
- These insights support strategic planning by highlighting opportunities and risks within the economy, helping businesses and investors make informed decisions. The report aims to provide a detailed understanding of the country's macroeconomic environment to facilitate effective decision-making and strategy development.
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.
Table of Contents
- Did You Know?
- Country Highlights
- Key Economic Updates and Impact of US Tariff
- Country Snapshot
- Political Landscape
- Economic Landscape
- Social Landscape
- Technological Landscape
- Legal Landscape
- Environmental Landscape
- Outlook
- Exhibit 1: Belgium’s Performance in Country Risk Analysis in Comparison to Europe and the World Averages
- Exhibit 2: Performance Overview (Score: 0-100)
- Exhibit 3: Broad Categories and Weights Behind the Index
- Exhibit 4: BEL20 index (July 2024 - July 2025)
- Exhibit 5: Key Sectors’ Contribution to the Economy
- Exhibit 6: FDI Flows and FDI Stock (2020-24)
- Exhibit 7: Greenfield FDI Projects and Net Cross-border M&A Deals (2020-24)
- Exhibit 8: Key Infrastructure Indicators
- Exhibit 9: Real GDP and Household Consumption Growth Rate (2020-27f)
- Exhibit 10: Real GDP Growth Rate Comparison (2024)
- Exhibit 11: Volume of Export and Import of Goods and Services Growth (2020-27f)
- Exhibit 12: Current Account Balance (2020-27f)
- Exhibit 13: Top Three Commodity Exports, % of Total Exports (2020-24)
- Exhibit 14: Pharmaceutical Products Exports, % Share of World’s Total (2024)
- Exhibit 15: Interest Rates (June 2020 - June 2025)
- Exhibit 16: Exchange Rate and Inflation (2020-27f)
- Exhibit 17: Public Finance (2020-27f)
- Exhibit 18: General Government Debt (2020-27f)
- Exhibit 19: Unemployment Rate (2020-27f)
- Exhibit 20: Average Annual Wages (2020-27f)
- Exhibit 21: Labor Cost Index (2020-27f)
- Exhibit 22: Rural-Urban Share of Total Population (2015, 2020, 2025f, 2030f)
- Exhibit 23: Age-group Share of Total Population (2015, 2020, 2025f, 2030f)
- Exhibit 24: Gender Split (2015, 2020, 2025f, 2030f)
- Exhibit 25: Internet Users as a Percentage of Total Population, Mobile Penetration Rate and Broadband Penetration Rate (2024)
- Exhibit 26: Number of Patents Granted per Million Population (2024)
- Exhibit 27: High-technology Exports, % of Manufactured Exports (2023 or latest available year)
- Exhibit 28: Rule of Law Index (Rankings) 2024
- Exhibit 29: Corruption Perceptions Index (Rankings) (2024)
- Exhibit 30: Renewable Electricity, Installed Capacity (2020-24)
- Exhibit 31: CO2e Emissions (2020-24)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- VIRTEO
- ABInBev
- Ablynx
