Belgium - Government Consumption

Belgium: Government Consumption

Mnemonic G.IBEL
Unit Mil. EUR, CDASA
Adjustments Calendar Adjusted and Seasonally Adjusted
Quarterly 0.7 %
Data 2018 Q4 26,536
2018 Q3 26,352

Series Information

Source National Bank of Belgium - Belgostat (BNB)
Release Gross domestic product
Frequency Quarterly
Start Date 3/31/1995
End Date 12/31/2018

Belgium: GDP

Reference Last Previous Units Frequency
Government Consumption 2018 Q4 26,536 26,352 Mil. EUR, CDASA Quarterly
Investment 2018 Q4 28,010 26,972 Mil. EUR, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q4 27,488 26,721 Mil. EUR, CDASA Quarterly
Nominal Gross Domestic Product 2018 Q4 114,025 112,688 Mil. EUR, CDASA Quarterly
Private Consumption 2018 Q4 57,648 57,492 Mil. EUR, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q4 26,223 25,560 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Government Consumption 2018 Q4 25,197 25,239 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Gross Domestic Product 2018 Q4 110,027 109,653 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Private Consumption 2018 Q4 55,142 55,307 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Investment 2017 98,611,538,900 97,561,948,900 NCU Annual

Release Information

Quarterly economic accounts form an integral part of the system of national accounts. The quarterly economic accounts constitute a coherent set of transactions, accounts and balancing items, defined in both the non-financial and financial domains, recorded on a quarterly basis.

There are three ways, usually called approaches, of calculating GDP:

  • Output approach
  • Expenditure approach
  • Income approach.

Each approach is based on a different view of the economic system using and measuring different aggregates. Together they give a summary of the logical relationships within the system of national accounts, and they should all give the same result for GDP if each item is estimated correctly.

The output approach is based on the calculation of output and intermediate consumption of the various industries of the economy. Gross value added of an industry is defined as the difference between output (basic prices) and intermediate consumption (basic prices).

Gross value added (basic prices) = Output (basic prices) - Intermediate consumption

GDP at market prices is then calculated as the sum of gross value added (basic prices) of all industries/branches plus taxes on products less subsidies on products.

Gross value added (market prices) = Gross value added (basic prices) + Taxes on products - Subsidies on products

The expenditure approach is based on estimates of the components of final demand:

GDP = Final consumption expenditure (by households, non-profit institutions serving households -NPISHs- and the government, in purchasers. prices) + Final consumption expenditure by the government + Gross fixed capital formation (purchasers. prices) + Changes in inventories (purchasers. prices) + Exports (f.o.b.) - Imports (c.i.f.)

The income approach calculates GDP from separate estimates of the components of the value added of industries, branches or sectors:

GDP = Compensation of employees + Gross operating surplus/mixed income + Taxes on production and imports - Subsidies.

Statistics Belgium annually re-references its chained year series. The base year is the 2 year's prior (t-2) and can be found in the Mnemonic description.