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 nearly 100% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004.
Agriculture Products
sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk
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
3.5% (2004 est.)
Labor Force
4.75 million (2004 est.)
Electricity production
76.58 billion kWh (2002)
Electricity Consumption
78.82 billion kWh (2002)
Electricity Exports
9.1 billion kWh (2002)
Electricity Imports
16.7 billion kWh (2002)
Economic Aid - Donor
ODA, $1.072 billion (2002)
Unemployment Rate
12% (first half, 2004)
Population Below Poverty Line
4% (1989 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.2%
Highest 10%: 23% (1996)
Distribution of Family Income Gini Index
28.7 (1996)
Budget
Revenues: $173.7 billion
Expenditures: $174.8 billion, including capital expenditures of $1.56 billion (2004 est.)
Public Debt
96.2% of GDP (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$14.45 billion (2003)
Debt External
$28.3 billion (1999 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)
