Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Belgium Exports: Overview
According to IMF, Belgium's volume of total exports grew by 7.4% on an annual basis in 2021, following a contraction on 7.1% in 2020 – a year when the coronavirus pandemic ravaged economies around the world, particularly in the country's main export destination, the EU.
In 2020, Belgium’s total commodity exports amounted to $296.1 billion, recording an annual decline of 5%, amid the outbreak of COVID-19. Belgium was the fifth largest exporter of pharmaceutical products in the world in 2020. The country exported pharmaceutical products worth $45.8 billion in 2020, occupying a share of 15.5% in the export basket of Belgium. Other major Belgian exports include vehicles and parts thereof, nuclear reactors and boilers, and organic chemicals. The share of vehicles decreased from 12.2% in 2019 to 11.8% in 2020, due to lower global demand.
Germany, France, the Netherlands, and the US were Belgium’s top four trading partners in 2020; they accounted for 43.3% of total trade.
Belgium Exports as a % of GDP
Exports as a % of GDP of Belgium was 91.1% in 2021, decreased by 9.8% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Belgium decreased by 13.2%. The indicator was highest in the year 2014 at 111.4% and lowest in the year 2021 at 91.1%.
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