Current Account Balance: Belgium

Analysis# Belgium Current Account Balance Belgium's current account balance stands at -0.9% of GDP in 2026, reflecting a modest deficit in its external accounts. The country has experienced substantial volatility since 1980, ranging from a peak of 7.8% of GDP in 1999 to a low of -4.1% in 1981—a total swing of 77.5 percentage points. The 1999 peak marked Belgium's strongest export performance relative to imports, while the current deficit remains moderate compared to historical extremes. Recent years reveal a pattern of oscillation rather than sustained direction. After achieving a surplus of 1.8% in 2021, Belgium shifted into deficit territory beginning in 2022, declining to -1.3% before stabilizing around -0.9% from 2023 onward. Projections through 2026 suggest Belgium will maintain this negative balance, indicating structural pressures on the current account likely stemming from import demand or weaker export competitiveness.