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 85% 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 2004-07. Economic growth and foreign direct investment are expected to slow down in 2008, due to credit tightening, falling consumer and business confidence, and above average inflation. However, with the successful negotiation of the 2008 budget and devolution of power within the government, political tensions seem to be easing and could lead to an improvement in the economic outlook for 2008.
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
2.8% (2007 est.)
Labor Force
4.94 million (2007 est.)
Electricity production
82.94 billion kWh (2007 est.)
Electricity Consumption
85.54 billion kWh (2006 est.)
Electricity Exports
9.035 billion kWh (2007 est.)
Electricity Imports
15.78 billion kWh (2007 est.)
Unemployment Rate
7.5% (2007 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: 3.4%
Highest 10%: 28.4% (2006)
Distribution of Family Income Gini Index
28 (2005)
Budget
Revenues: $220.1 billion
Expenditures: $221 billion (2007 est.)
Public Debt
84.6% of GDP (2007 est.)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$767.7 billion (31 December 2007)
Market Value of Publicly Traded Shares
$422.7 billion (2006)
Reserves of Foreign Exchange and Gold
$16.51 billion (2007 est.)
Debt External
$1.313 trillion (30 June 2007)
Stock of Direct Foreign Investment at Home
$678.2 billion (2007 est.)
Stock of Direct Foreign Investment Abroad
$540.1 billion (2007 est.)
Exchange Rates
euros (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
