Belgium Economy Profile 2009

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 (purchasing power parity)

$389.3 billion (2008 est.)
$385.4 billion (2007 est.)
$375.6 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$506.4 billion (2008)

GDP - real growth rate

1% (2008 est.)
2.6% (2007 est.)
3% (2006 est.)

GDP - per capita (PPP)

$37,400 (2008 est.)
$37,100 (2007 est.)
$36,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 0.8%
industry: 23.2%
services: 76.1% (2008 est.)

Population below poverty line

15.2% (2007 est.)

Labor force

4.99 million (2008)

Labor force - by occupation

agriculture: 2%
industry: 25%
services: 73% (2007 est.)

Unemployment rate

7% (2008)
7.5% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 3.4%
highest 10%: 28.4% (2000)

Distribution of family income - Gini index

28 (2005)
28.7 (1996)

Investment (gross fixed)

22.7% of GDP (2008 est.)

Budget

revenues: $239.4 billion
expenditures: $245.7 billion (2008 est.)

Public debt

89.1% of GDP (2008 est.)
96.2% of GDP (2004 est.)

Inflation rate (consumer prices)

4.5% (2008)
1.8% (2007 est.)

Central bank discount rate

3% (31 December 2008)
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

NA% (31 December 2008)

Stock of money

NA (31 December 2008)
NA (31 December 2007)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money

NA (31 December 2008)
NA (31 December 2007)

Stock of domestic credit

$544.6 billion (31 December 2008)
$552 billion (31 December 2007)

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

fossil fuel: 38.4%
hydro: 0.6%
nuclear: 59.3%
other: 1.8% (2001)

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 - imports

1.119 million bbl/day (2005)

Oil - exports

528,700 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)

Current Account Balance

$-12.88 billion (2008 est.)
$7.751 billion (2007 est.)

Agriculture - products

sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk

Exports

$371.5 billion (2008 est.)
$323.4 billion (2007 est.)

Exports - commodities

machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs

Exports - partners

Germany 19.9%, France 17.4%, Netherlands 12.2%, UK 7.2%, US 4.8%, Italy 4.7% (2008)

Imports

$387.7 billion (2008 est.)
$320.9 billion (2007 est.)

Imports - commodities

raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products

Imports - partners

Netherlands 19.5%, Germany 17.3%, France 11%, UK 5.7%, US 5.5%, China 4.1% (2008)

Reserves of foreign exchange and gold

$15.65 billion (31 December 2008 est.)
$16.51 billion (31 December 2007 est.)

Debt - external

$1.354 trillion (31 December 2008)
$1.539 trillion (31 December 2007)

Stock of direct foreign investment - at home

$821 billion (31 December 2008 est.)
$747.5 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$633.8 billion (31 December 2008 est.)
$593 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008)
$386.4 billion (31 December 2007)
$396.2 billion (31 December 2006)

Economic aid - donor

ODA, $1.978 billion (2006)

Currency (code)

EUR

Currency (code)

euro (EUR)

Exchange rates

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

Fiscal year

calendar year