Belgium - Real Gross Domestic Product

Belgium: Real Gross Domestic Product

Mnemonic GDP$.IBEL
Unit Mil. Ch. 2015 EUR, CDASA
Adjustments Calendar Adjusted and Seasonally Adjusted
Quarterly 3.59 %
Data 2020 Q1 107,561
2019 Q4 111,572

Series Information

Source National Bank of Belgium - Belgostat (BNB)
Release Gross domestic product
Frequency Quarterly
Start Date 3/31/1995
End Date 3/31/2020

Belgium: GDP

Reference Last Previous Units Frequency
Government Consumption 2020 Q1 27,037 27,681 Mil. EUR, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2020 Q1 27,602 28,751 Mil. EUR, CDASA Quarterly
Nominal Gross Domestic Product 2020 Q1 115,154 119,910 Mil. EUR, CDASA Quarterly
Private Consumption 2020 Q1 57,738 61,417 Mil. EUR, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2020 Q1 26,141 27,144 Mil. Ch. 2015 EUR, CDASA Quarterly
Real Government Consumption 2020 Q1 24,832 25,634 Mil. Ch. 2015 EUR, CDASA Quarterly
Real Gross Domestic Product 2020 Q1 107,561 111,572 Mil. Ch. 2015 EUR, CDASA Quarterly
Real Private Consumption 2020 Q1 53,677 57,423 Mil. Ch. 2015 EUR, CDASA Quarterly
Investment 2019 Q4 28,751 28,581 Mil. 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.

  • Framework: ESA 2010
  • Activity classification: NACEBEL 2008, the localization of NACE Rev. 2
  • Measurements:
    • Millions of euros at current prices (Mil. EUR)
    • At chained year-2015 prices (Mil. Ch. 2015 EUR)
    • Deflators, chained volume indexes relative to 2015 (Ch. Vol. Index 2015=100)
  • Adjustments:
    • Calendar day adjusted and seasonally adjusted (CDASA)
    • Not seasonally adjusted (NSA)
  • Native frequency: Quarterly
  • Start date: Uniformly 1995Q1

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.

Until 2019, Statistics Belgium annually re-referenced its chained year series. The base year is the 2 year's prior (t-2) and can be found in the Mnemonic description. 

Starting 2019, it planned to re-reference every five years (2015, 2020, ...), to synchronize with Eurostat.