Belgium Belgium vs Portugal Portugal development indicators, 2024

Indicator
Belgium
Belgium, Value
Portugal
Portugal, Value
Belgium
Belgium, Rank
Portugal
Portugal, Rank
Belgium Belgium as % of
Portugal Portugal
Current account balance (% of GDP) -0.855 2.17 61 40
Exports of goods and services (% of GDP) 79.2 46.5 13 44 170 %
Foreign direct investment, net inflows (% of GDP) -5.35 4.27 104 23
GDP per capita (current US$) 55,955 28,844 16 45 194 %
GDP per capita, PPP (current international US$) 72,126 50,617 19 41 142 %
Imports of goods and services (% of GDP) 79.2 44.7 12 61 177 %
Inflation, consumer prices (annual %) 3.14 2.42 76 99 130 %
Net migration 36,243 20,648 30 37 176 %
Population, total 11,876,844 10,701,636 81 89 111 %

Demography and Health

Belgium and Portugal exhibit similar life expectancy figures, with Belgium at 82.4 years and Portugal slightly lower at 82.3 years, indicating a healthy population in both nations. However, Belgium experiences a crude birth rate of 9.4 per 1,000 people compared to Portugal's 8.1, suggesting a slightly more youthful demographic in Belgium. In terms of mortality rates, Belgium's under-five mortality rate is slightly higher at 3.6 per 1,000 live births versus Portugal's 3.2, which is noteworthy given Portugal's overall health indicators. The prevalence of undernourishment is similar, with both countries at 2.5%, showing effective food security in both nations. Interestingly, Belgium has a higher suicide mortality rate (18.4 per 100,000 population) compared to Portugal (11.5), indicating mental health challenges that Belgium may need to address compared to Portugal's relatively lower rate.

Economy

Belgium boasts a significantly higher GDP per capita than Portugal, with $55,955 compared to Portugal's $28,844. Remarkably, when considering purchasing power parity (PPP), Belgium's GDP per capita stands at $72,126 versus Portugal's $50,617, demonstrating greater economic productivity and living standards in Belgium. However, while Belgium's inflation rate is at 3.1%, Portugal's is lower at 2.4%, suggesting that the cost of living may be more manageable in Portugal. Regarding unemployment, Belgium has a rate of 5.5% compared to Portugal's 6.5%, indicating a somewhat more robust labor market in Belgium.

Trade and Investment

Belgium excels in trade, with exports constituting 79.2% of its GDP, substantially higher than Portugal's 46.5%. This positions Belgium as a more significant player in global trade. Additionally, Belgium's high-technology exports amount to $50.6 billion, outclassing Portugal's mere $4.2 billion, showing Belgium’s strong technological sector. Conversely, when it comes to foreign direct investment (FDI), Belgium reports net outflows of -5.4% of GDP, while Portugal experiences net inflows of 4.3%, highlighting Portugal's attractiveness to foreign investors compared to Belgium.

Governance and Institutions

In terms of governance, Belgium performs better in most indicators. It ranks better in control of corruption (1.3) compared to Portugal (0.7), and also in government effectiveness, where both countries score equally but Belgium's position (40) is slightly superior to Portugal's (44). The rule of law is stronger in Belgium (1.3) compared to Portugal (1.1), reflecting stronger institutions and legal frameworks. Political stability, however, seems to be a concern in Belgium (0.4) compared to Portugal (0.7), indicating relative security in governance for Portugal. Regulatory quality is also higher in Belgium (1.2), suggesting a more conducive environment for business and investment.

Infrastructure and Technology

Belgium demonstrates a superior logistics performance index of 4.1 compared to Portugal’s 3.6, indicating more efficient trade and transport-related infrastructure. The internet usage is significantly higher in Belgium, with 94.6% of the population compared to Portugal’s 85.8%, showcasing that Belgium has a more digitally connected society. Additionally, Belgium's research and development expenditure as a percentage of GDP (3.4%) is much higher than Portugal's (1.7%), indicating a stronger focus on innovation and technology advancement in Belgium.

Environment and Sustainability

Portugal significantly surpasses Belgium in renewable energy consumption, with 32.3% of total energy consumption coming from renewable sources compared to Belgium's 11.7%. This positions Portugal as a leader in sustainability initiatives. Furthermore, Belgium faces high water stress, with 51.9% of its freshwater resources being utilized, whereas Portugal has a much more sustainable level of freshwater withdrawal at 12.3%. In terms of greenhouse gas emissions per capita, Belgium’s figure stands at 9 tons of CO2e, significantly higher than Portugal's 5 tons, which highlights Portugal's efforts in reducing carbon footprints and promoting environmentally friendly policies.