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The Economy of Belgium

Belgian Economy

Belgium's map

Economy - overview: This modern, private-enterprise economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the populous Flemish area in the north. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is more than 80% of GDP. On the positive side, the government succeeded in balancing its budget during the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium is likely to have negative growth, growing unemployment, and a 3% budget deficit, stemming from the worldwide banking crisis.

GDP:

GDP - real growth rate: 1.3% (2008) 2.6% (2007 est.) 3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1% industry: 24.2% services: 74.9% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 3.4% highest 10%: 28.4% (2000)

Distribution of family income - Gini index: 28 (2005)

Inflation rate (consumer prices):

Labor force: 4.99 million (2008)

Labor force - by occupation: agriculture: 2% industry: 25% services: 73% (2007 est.)

Unemployment rate: 6.5% (2008)

Budget: revenues: $251.3 billion expenditures: $254.2 billion (2008 est.)

Industries: engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum

Industrial production growth rate: 2% (2008 est.)

Electricity - production: 82.94 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 85.54 billion kWh (2006 est.)

Electricity - exports: 9.035 billion kWh (2007 est.)

Electricity - imports: 15.78 billion kWh (2007 est.)

Oil - production: 8,671 bbl/day (2007 est.)

Oil - consumption: 628,500 bbl/day (2007 est.)

Oil - exports: 528,700 bbl/day (2005)

Oil - imports: 1.119 million bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 17.39 billion cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 17.34 billion cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006)

Agriculture - products: sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk

Exports: $372.9 billion f.o.b. (2008 est.)

Exports - commodities: machinery and equipment, chemicals, diamonds, metals and metal products, foodstuffs

Exports - partners: Germany 19.5%, France 16.7%, Netherlands 11.9%, UK 7.6%, US 5.7%, Italy 5.2% (2007)

Imports: $375.2 billion f.o.b. (2008 est.)

Imports - commodities: machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products

Imports - partners: Germany 17.7%, Netherlands 17.6%, France 11.2%, UK 6.2%, US 5.4%, Ireland 4.9%, China 4.1% (2007)

Debt - external: $1.313 trillion (30 June 2007)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: