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, although the government is encouraging investment in the southern region of Wallonia. 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. About three-quarters of its trade is with other EU countries. Belgium's public debt fell from 127% of GDP in 1996 to 122% of GDP in 1998 and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. The dioxin crisis - beginning in June 1999 with the discovery of a cancer-causing substance in animal feed - constituted a serious blow to the food-processing industry, both domestically and internationally. This crisis slowed down GDP growth with recovery expected in the year 2000.
Agriculture Products
sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk
Industries
engineering and metal products, motor vehicle assembly, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum, coal
Industrial Production Growth Rate
-1% (1999 est.)
Labor Force
4.341 million (1999)
Electricity production
78.702 billion kWh (1998)
Electricity production by source
Fossil fuel: 42.48%
Hydro: 0.49%
Nuclear: 55.72%
Other: 1.31% (1998)
Electricity Consumption
74.543 billion kWh (1998)
Electricity Exports
6.4 billion kWh (1998)
Electricity Imports
7.75 billion kWh (1998)
Economic Aid - Donor
ODA, $764 million (1997)
Currency
1 Belgian franc (BF) = 100 centimes
Unemployment Rate
9% (1999 est.)
Population Below Poverty Line
4%
Household Income or Consumption by Percentage Share
Lowest 10%: 3.7%
Highest 10%: 20.2% (1992)
Budget
Revenues: $116.5 billion
Expenditures: $119 billion, including capital expenditures of $10.7 billion (1998 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$28.3 billion (1999 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Note: on 1 January 1999, the EU introduced a common currency that is now being used by financial institutions in some member countries at a fixed rate of 40.3399 Belgian francs per euro; the euro will replace the local currency in consenting countries for all transactions in 2002
