Belgium economy at a glance

Latest figures for Belgium: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Belgium on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	5.2%	October 2026	4.5% September 2026
Core inflation (excluding food and energy)	2.7%	October 2026	2.6% September 2026
Real GDP growth (year on year)	0.7%	Q3 2026	0.7% Q2 2026
Policy rate (European Central Bank)	2.50%	November 2026	2.50% October 2026
Unemployment rate	6.0%	September 2026	5.9% August 2026
10-year government bond yield	4.12%	September 2026	3.76% August 2026
Retail sales (year on year)	−0.6%	September 2026	0.0% August 2026
Industrial production (year on year)	−7.1%	August 2026	−3.1% July 2026
Wages (year on year)	3.3%	Q2 2025	3.6% Q1 2025
House prices (year on year)	2.1%	Q2 2026	1.9% Q1 2026
Stock market (BEL 20)	6,015	November 2026	+19.4% over 12 months

Questions and answers

What is the inflation rate in Belgium?

Belgium's annual inflation rate was 5.2% in October 2026, up from 4.5% in September 2026.

What is the interest rate in Belgium?

The European Central Bank deposit facility rate is 2.50% (as of November 2026). The next rate decision is due on 17 December 2026.

How fast is Belgium's economy growing?

Belgium's real GDP grew 0.7% year on year in Q3 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 0.7% in 2026 and 1.1% in 2027.

What is the unemployment rate in Belgium?

Belgium's unemployment rate was 6.0% in September 2026, up from 5.9% in August 2026.

What is Belgium's 10-year government bond yield?

Belgium's 10-year government bond yield averaged 4.12% in September 2026.

How much government debt does Belgium have?

Belgium's government debt is about 108.1% of GDP (latest annual figure), with a budget deficit of 5.2% of GDP.

What is Belgium's credit rating?

Belgium's sovereign credit ratings: S&P AA-, Moody's A1, Fitch A+.

What is the VAT rate in Belgium?

Belgium's standard VAT rate is 21% (2025 rules).

What is the corporate tax rate in Belgium?

Belgium's corporate income tax rate is 25.0% (2025 rules).

Who leads Belgium?

Belgium is led by Prime Minister Bart De Wever (N-VA), heading the five-party 'Arizona' coalition (N-VA, MR, Les Engagés, Vooruit, CD&V), whose resignation the King has held in abeyance since 2 Nov 2026; King Philippe (head of state). Next election: Next federal election due by mid-2029; an early vote is possible if the King accepts De Wever's 2 Nov 2026 resignation.

Outlook

The National Bank of Belgium's June 2026 projections put growth at 0.6% in 2026 and 1.1% in 2027, with the deficit widening to about 5.5% of GDP and debt rising towards 113% of GDP without new measures. The IMF's October WEO is similar (0.7% and 1.1%) but sees HICP inflation at 3.8% in 2026, and the Planning Bureau expects CPI inflation of 3.6% in 2026 and 3.4% in 2027, which will trigger further automatic wage and benefit indexation. The key downside risk is that the EUR 10bn budget package fails or the coalition collapses, inviting more rating pressure and wider spreads; a credible deal would be the main upside.

Why Belgium matters for the world economy

Belgium is a European distribution hub: the port of Antwerp-Bruges, home to Europe's largest chemicals cluster, handles a large share of EU container and chemical trade, and Germany, France and the Netherlands take over 40% of Belgian goods exports. It is also a global centre for pharmaceutical and vaccine production, so US pharma tariffs and drug-pricing policy feed straight into its exports, which go about 7–8% to the United States. Through Euroclear, Brussels holds most of the Russian central-bank assets immobilised by EU sanctions, which makes Belgium pivotal in EU decisions on financing Ukraine. Its weak public finances also make it a test case for how markets price fiscal slippage in core euro-area countries.

Politics

De Wever offered his coalition's resignation to King Philippe on 2 November after talks on about EUR 10bn of savings and new revenue for 2027 collapsed: Vooruit, CD&V and Les Engagés wanted higher taxes on the wealthy, which MR and N-VA rejected. The King is holding the resignation in abeyance while he consults party leaders, with a decision due on 6 November; new elections or a new coalition on the current balance of power are possible. An emergency budget of provisional monthly twelfths now looks almost certain for early 2027. The deficit, 5.2% of GDP, is the largest in the euro area and debt is forecast above 110% of GDP. Belgium is under the EU excessive deficit procedure, and S&P held its AA- rating on 23 October but warned of downside risks as 10-year yields reached their highest since 2011.

System: Federal parliamentary constitutional monarchy.

Economy and taxes

GDP: US$726 billion
Population: 11.9 million
Government debt: 108.1% of GDP
Budget balance: −5.2% of GDP
Current account: −0.2% of GDP
Exports: 75.5% of GDP
Main exports: Pharmaceuticals and vaccines, chemicals and plastics, motor vehicles, refined petroleum products, machinery, diamonds, food products; large transit and re-export trade through Antwerp-Bruges
Top export markets: Germany (16.9%), France (12.6%), Netherlands (12.6%), United States (7.6%), United Kingdom (5.8%)
IMF growth forecast: 0.7% in 2026, 1.1% in 2027
IMF inflation forecast: 3.8% in 2026, 2.9% in 2027
Currency: EUR
Freelancer tax: A self-employed person earning the average wage (EUR 61,747 a year) pays about 45.6% of it in income tax and social contributions (2025 rules)
Top income tax rate: 53.5%
Gold reserves: 227.4 tonnes (September 2026)
Energy self-sufficiency: 19% (2024)

Recent news

2 November 2026 De Wever offers his government's resignation after budget talks collapse The Brussels Times
Prime Minister Bart De Wever offered to resign after his five-party coalition failed to agree EUR 10bn of savings and new revenue for 2027, split over higher taxes on the wealthy. The King is holding the resignation in abeyance while he consults party leaders, with a decision due on Friday.
29 October 2026 Belgian inflation climbs to 5.3%, the highest since April 2023 Trading Economics
Consumer prices rose 5.26% on the year in October, up from 4.69%, as energy inflation jumped to 33.2% and electricity prices to 23.7%. Inflation excluding energy eased to 2.6%, and the EU-harmonised rate rose to 5.2% from 4.5%.
29 October 2026 Belgian economy grows 0.3% in the third quarter, the fastest since early 2025 Trading Economics
A flash estimate shows GDP rose 0.3% from the second quarter, when it was flat, and 0.7% from a year earlier. Services grew 0.4% and construction 0.2%, while industrial activity slipped 0.1%.
27 October 2026 S&P keeps Belgium at AA- as 10-year yields hit their highest since 2011 SBS News
S&P held Belgium's rating with a stable outlook but warned that an energy-price spike or a bigger rise in debt and the deficit could lead to a downgrade. Belgian 10-year borrowing costs have climbed to their highest since November 2011 as the budget stalemate drags on.
22 October 2026 Belgian budget talks break down again, with no new meeting set this week Paris Match Belgique
Coalition leaders ended a late-night session on 21 October by formally recording their disagreement over how to share a EUR 10bn savings effort to 2029, with Vooruit balking at De Wever's proposals. Without a deal, Belgium could start 2027 on stop-gap monthly budgets.
16 October 2026 Belgian inflation climbs to 4.5%, well above the euro-area rate Eurostat
Eurostat's final figures show Belgian HICP inflation at 4.5% in September, up from 4.2% in August and 2.7% a year earlier, against 3.8% for the euro area. Belgian inflation has run above the euro-area rate in every month since April.

Headlines and summaries are compiled daily from the linked reports with AI assistance.