Belgium - Real Gross Domestic Product

Belgium: Real Gross Domestic Product

Mnemonic GDP$.IBEL
Unit Mil. Ch. 2016 EUR, CDASA
Adjustments Calendar Adjusted and Seasonally Adjusted
Quarterly 0.29 %
Data 2019 Q1 110,396
2018 Q4 110,081

Series Information

Source National Bank of Belgium - Belgostat (BNB)
Release Gross domestic product
Frequency Quarterly
Start Date 3/31/1995
End Date 3/31/2019

Belgium: GDP

Reference Last Previous Units Frequency
Government Consumption 2019 Q1 26,673 26,529 Mil. EUR, CDASA Quarterly
Investment 2019 Q1 28,025 28,010 Mil. EUR, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2019 Q1 28,120 28,011 Mil. EUR, CDASA Quarterly
Nominal Gross Domestic Product 2019 Q1 114,723 114,151 Mil. EUR, CDASA Quarterly
Private Consumption 2019 Q1 58,268 58,027 Mil. EUR, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2019 Q1 26,780 26,685 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Government Consumption 2019 Q1 25,204 25,159 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Gross Domestic Product 2019 Q1 110,396 110,081 Mil. Ch. 2016 EUR, CDASA Quarterly
Real Private Consumption 2019 Q1 55,660 55,508 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.