Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country.
Last Published: 6/28/2019

In 2018, the Belgian economy grew 1.4%. Due to the decreasing, and ultimately negative, contribution of net exports, and slower investment growth, GDP growth is forecasted to slow to 1.2% in both 2019 and 2020. Regarding the labor market, the impact of slower economic growth is expected to be offset partially by recent labor market measures. As a result, employment growth is forecasted at 0.8% in 2019, and resulting in unemployment to fall from 6% in 2018, to close to 5% by 2020. Rising disposable income, thanks to both job creation and wage indexation, is expected to underpin stronger private consumption growth in 2019 and 2020.

In 2018, Belgium ran a foreign trade surplus of almost EUR 14.0 billion. The contribution of net exports to GDP growth is forecast to weaken markedly in 2019 and turn negative in 2020. While the expected slowdown in world trade should weigh on exports, imports should be bolstered by stronger domestic demand. Downside risks to the outlook are mainly external, Belgium being a small open economy. They include potential impacts on the economy from higher-than-expected slowdown in Belgium’s main trading partners. On the upside, private consumption could turn out to be more dynamic than expected, if consumers spend all of their expected increase in disposable income.

Since June 2015, the Belgian government has undertaken a series of measures aiming to reduce the tax burden on labor and to increase Belgium’s economic competitiveness and attractiveness to foreign investment.  The July 2017 decision to lower the corporate tax rate from 35 to 25 percent is expected to make a big improvement in the investment climate. However, to fully realize Belgium’s employment potential, it remains important to address the fragmentation of the labor market. More specifically, progress is needed in integrating vulnerable groups—especially immigrants born outside the EU, the young, and the low-skilled. Moreover, large regional disparities in unemployment rates persist. 

Belgium boasts an open market well connected to the major economies of the world.  As a logistical gateway to Europe, host to the EU institutions and a central location closely tied to the major European economies (Germany in particular), Belgium is an attractive market and location for U.S. investors.  The Belgian economy continues to attract significant levels of investment in chemicals, petrochemicals, transport equipment, machinery, plastics, mineral products, base metals, precious metals and stones; environmental technologies; food processing and packaging; health technologies; information and communication; and textiles.  Finally, Belgium is a highly developed, long-time economic partner of the United States that benefits from an extremely well-educated workforce, world-renowned research centers, and the infrastructure to support a broad range of economic activities.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.