The Brussels-Capital Region and Flanders generate enough revenue to cover their expenditures, while Wallonia continues to run a structural deficit, according to a report released on Thursday by the National Bank of Belgium (NBB).
The study, which examined data from 2010 to 2021, found that Brussels produces substantial added value, recording an average annual trade surplus of €28.6 billion, the highest among Belgium's three regions.
However, much of that wealth flows out of the capital. The region transfers a large share of its income to other parts of the country, including €20 billion annually in wages paid to commuters from Flanders and Wallonia.
Flanders, meanwhile, remains in solid economic health, thanks largely to the high savings rate of its households. Despite an annual trade deficit of €4.9 billion, a result of consumption and investment exceeding production, this is more than offset by €14.6 billion in net income from labour and capital.
Both Brussels (€3 billion) and Flanders (€4.2 billion) are net contributors to the national budget, funding a substantial portion of public spending that benefits Wallonia.
Wallonia, by contrast, struggles with lower production levels and a persistent annual trade deficit of €19.9 billion, partially offset by €12.1 billion in inter-regional transfers and income inflows from commuting workers.
