Belgium Belgium vs Romania Romania development indicators, 2024

Indicator
Belgium
Belgium, Value
Romania
Romania, Value
Belgium
Belgium, Rank
Romania
Romania, Rank
Belgium Belgium as % of
Romania Romania
Current account balance (% of GDP) -0.855 -8.36 61 99 10.2 %
Exports of goods and services (% of GDP) 79.2 35.6 13 70 223 %
Foreign direct investment, net inflows (% of GDP) -5.35 1.92 104 57
GDP per capita (current US$) 55,955 20,072 16 57 279 %
GDP per capita, PPP (current international US$) 72,126 48,712 19 45 148 %
Imports of goods and services (% of GDP) 79.2 41.7 12 67 190 %
Inflation, consumer prices (annual %) 3.14 5.72 76 35 54.9 %
Net migration 36,243 -28,466 30 182
Population, total 11,876,844 19,069,340 81 66 62.3 %

Demography and Health

Belgium and Romania have notable differences in demographic indicators and health outcomes. As of 2023, Belgium's crude birth rate stands at 9.4 per 1,000 people compared to Romania’s lower rate of 8. This indicates a slightly more stable population growth in Belgium. However, the death rate in Belgium is also relatively high at 9.4 per 1,000 people, while Romania's is higher at 12.7, suggesting health challenges exist in Romania. Life expectancy in Belgium is significantly higher at 82.4 years, compared to Romania's 76.6 years, reflecting disparities in healthcare access and quality. Additionally, Belgium exhibits a lower under-5 mortality rate (3.6 deaths per 1,000 live births) compared to Romania's 6.6, highlighting better infant healthcare in Belgium. On the other hand, Romania has a similar prevalence of undernourishment (2.5% for both countries). The health expenditure in Belgium is notably higher at 10.8% of GDP versus Romania's 5.7%, which may contribute to better health outcomes.

Economy

Belgium boasts a significantly higher GDP per capita at $55,955 compared to Romania's $20,072, indicating stronger overall economic performance and productivity. The GDP per capita on a purchasing power parity (PPP) basis is also higher in Belgium, at $72,126 compared to Romania’s $48,712, suggesting that Belgians may afford a better standard of living. Exports of goods and services as a percentage of GDP are higher in Belgium (79.2%) compared to Romania (35.6%), illustrating Belgium's strong export-led economy. However, Romania has a better net inflow of foreign direct investment at 1.9% of GDP, while Belgium faces a negative inflow of -5.4%, which may suggest challenges in attracting foreign investments. Inflation rates are lower in Belgium (3.1%) than in Romania (5.7%), which benefits consumer purchasing power in Belgium.

Trade and Investment

Belgium demonstrates a robust position in trade, with high exports (79.2% of GDP) and imports matching these levels. This trade balance indicates an open economy that relies heavily on international markets. High-technology exports in Belgium are substantial, amounting to $50.6 billion, compared to Romania's $9.7 billion. This difference reflects Belgium's advanced industrial base and technological development. Romania, on the other hand, exhibits a trade dependency that ranks lower globally, indicating less competitiveness in high-tech sectors. The current account balance shows Belgium at -0.9% of GDP versus Romania's -8.4%, indicating a relatively healthier trade deficit situation in Belgium.

Governance and Institutions

Governance in Belgium generally scores higher on various indices compared to Romania. For instance, Belgium's control of corruption index stands at 1.3, compared to Romania's 0, indicating stronger anti-corruption measures and governance practices in Belgium. The effectiveness of government is rated higher in Belgium (1) relative to Romania (-0.1), suggesting more efficient public policies and services. The rule of law, another critical indicator, is rated at 1.3 for Belgium and only 0.4 for Romania, highlighting stronger legal frameworks and enforcement in Belgium. Lastly, Belgium's regulatory quality showcases a better environment for business and investment (1.2) compared to Romania (0.3).

Infrastructure and Technology

Belgium outperforms Romania in infrastructure and technology indices. The logistics performance index, which reflects the quality of trade and transport-related infrastructure, is significantly higher in Belgium (4.1) compared to Romania (2.9). This suggests that Belgium has more efficient logistics and transport networks entrenched to support economic activity. Furthermore, a larger percentage of the population in Belgium (94.6%) uses the Internet compared to Romania (89.2%), indicating greater digital accessibility and a more developed technological landscape.

Environment and Sustainability

In terms of environmental sustainability, Romania has a higher renewable energy consumption rate at 23.6% of total final energy consumption compared to Belgium's 11.7%. This underscores Romania's commitment to utilizing renewable resources. However, Belgium exhibits a greater level of water stress with a ratio of 51.9% of freshwater withdrawal to available resources compared to Romania's 7.4%. In terms of greenhouse gas emissions, Belgium produces 9 tons CO2e per capita, whereas Romania emits 5.6 tons CO2e per capita, reflecting Romania’s relatively better performance in terms of environmental sustainability. Both countries reveal a focused narrative on environmental issues, but the contrasting figures indicate a need for both to enhance their sustainability efforts.