Economy Of Belgium
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Economy overview
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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 about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown. Prospects for 2004 again depend largely on recovery in the EU and the US.
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GDP
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purchasing power parity - $299.1 billion (2004 est.)
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GDP - real growth rate
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1.1% (2004 est.)
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GDP - per capita
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purchasing power parity - $29,100 (2004 est.)
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GDP - composition by sector
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agriculture: 1.9%
industry: 26.3%
services: 71.8% (2004 est.)
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Investment gross fixed
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19.7% of GDP (2004 est.)
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Population below poverty line
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4% (1989 est.)
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Household income or consumption by percentage share
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lowest 10%: 3.2%
highest 10%: 23% (1996)
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Distribution of family income - Gini index
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28.7 (1996)
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Inflation rate consumer prices
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1.6% (2004 est.)
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Labor force
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4.73 million (2004 est.)
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Labor force by occupation
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agriculture 1.3%, industry 24.5%, services 74.2% (2003 est.)
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Unemployment rate
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8.1% (2004 est.)
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Budget
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revenues: $151.6 billion
expenditures: $151.1 billion, including capital expenditures of $1.56 billion (2004 est.)
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Public debt
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102% of GDP (2004 est.)
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Agriculture products
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sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk
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Industries
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engineering and metal products, motor vehicle assembly, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum
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Industrial production growth rate
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-1.5% (2004 est.)
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Electricity production
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74.28 billion kWh (2001)
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Electricity production by source
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fossil fuel: 38.4%
hydro: 0.6%
other: 1.8% (2001)
nuclear: 59.3%
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Electricity consumption
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78.18 billion kWh (2001)
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Electricity exports
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6.712 billion kWh (2001)
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Electricity imports
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15.82 billion kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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595,100 bbl/day (2001 est.)
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Oil exports
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450,000 bbl/day (2001)
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Oil imports
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1.042 million bbl/day (2001)
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Oil proved reserves
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Natural gas production
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0 cu m (2001 est.)
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Natural gas consumption
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15.5 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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15.4 billion cu m (2001 est.)
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Natural gas proved reserves
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Current account balance
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$10.69 billion (2004 est.)
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Exports
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$182.9 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and equipment, chemicals, diamonds, metals and metal products, foodstuffs
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Exports partners
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Germany 19.5%, France 17.4%, Netherlands 11.7%, UK 9%, US 6.7%, Italy 5.4% (2003)
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Imports
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$173 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products
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Imports partners
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Germany 17.7%, Netherlands 16.5%, France 13.2%, UK 7.5%, US 5.9%, Ireland 5.7% (2003)
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Reserves of foreign exchange gold
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$14.45 billion (2003)
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Debt external
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$28.3 billion (1999 est.)
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Economic aid recipient
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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