Economy - overviewThis 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.) GDP (official exchange rate)$506.4 billion (2008) GDP - real growth rate1% (2008 est.) GDP - per capita (PPP)$37,400 (2008 est.) GDP - composition by sectoragriculture: 0.8% Population below poverty line15.2% (2007 est.) Labor force4.99 million (2008) Labor force - by occupationagriculture: 2% Unemployment rate7% (2008) Household income or consumption by percentage sharelowest 10%: 3.4% Distribution of family income - Gini index28 (2005) Investment (gross fixed)22.7% of GDP (2008 est.) Budgetrevenues: $239.4 billion Public debt89.1% of GDP (2008 est.) Inflation rate (consumer prices)4.5% (2008) Central bank discount rate3% (31 December 2008) Commercial bank prime lending rateNA% (31 December 2008) Stock of moneyNA (31 December 2008) Stock of quasi moneyNA (31 December 2008) Stock of domestic credit$544.6 billion (31 December 2008) Industriesengineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum Industrial production growth rate2% (2008 est.) Electricity - production82.94 billion kWh (2007 est.) Electricity - production by sourcefossil fuel: 38.4% Electricity - consumption85.54 billion kWh (2006 est.) Electricity - exports9.035 billion kWh (2007 est.) Electricity - imports15.78 billion kWh (2007 est.) Oil - production8,671 bbl/day (2007 est.) Oil - consumption628,500 bbl/day (2007 est.) Oil - imports1.119 million bbl/day (2005) Oil - exports528,700 bbl/day (2005) Oil - proved reserves0 bbl (1 January 2006 est.) Natural gas - production0 cu m (2007 est.) Natural gas - consumption17.39 billion cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports17.34 billion cu m (2007 est.) Natural gas - proved reserves0 cu m (1 January 2006) Current Account Balance$-12.88 billion (2008 est.) Agriculture - productssugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk Exports$371.5 billion (2008 est.) Exports - commoditiesmachinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs Exports - partnersGermany 19.9%, France 17.4%, Netherlands 12.2%, UK 7.2%, US 4.8%, Italy 4.7% (2008) Imports$387.7 billion (2008 est.) Imports - commoditiesraw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products Imports - partnersNetherlands 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.) Debt - external$1.354 trillion (31 December 2008) Stock of direct foreign investment - at home$821 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$633.8 billion (31 December 2008 est.) Market value of publicly traded shares$NA (31 December 2008) Economic aid - donorODA, $1.978 billion (2006) Currency (code)EUR Currency (code)euro (EUR) Exchange rateseuros (EUR) per US dollar - 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004) Fiscal yearcalendar year |
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Source: CIA World Factbook | |