Prosperity – Added value
A stronghold of the Belgian economy
Source: : National Accounts Institute
Plastics converters (NACE 22): estimate based on 2014
The added value created by the chemicals, plastics and life science industry provides a clear indication of how much the sector contributes to overall wealth.
The industry’s contribution to economic prosperity has been increasing over the last decade and in 2015, it generated €16.5 billion of added value.
In addition, the sector’s importance within the industrial fabric of Belgium continues to grow, boosted by strong growth in the biopharmaceutical industry. The chemicals, plastics and life sciences industry’s share of the total value added of Belgium’s manufacturing industry increased from 22% in 2005 to 32% in 2015 – almost double the European chemistry and life sciences sector’s share of manufacturing in the euro area (17% in 2015).
Although Belgium represents only 2% of Europe’s population and 3% of its Gross Domestic Product (GDP), it is Europe’s sixth largest chemicals producer, accounting for 5% of the added value of the European chemicals industry.