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.
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% (2008 est.)country comparison to the world: 102
Labor Force
4.99 million (2008)country comparison to the world: 72
Electricity production
82.17 billion kWh (2007 est.)country comparison to the world: 35
Electricity Consumption
84.88 billion kWh (2007 est.)country comparison to the world: 33
Electricity Exports
6.561 billion kWh (2008 est.)
Electricity Imports
17.16 billion kWh (2008 est.)
Unemployment Rate
7% (2008 est.)country comparison to the world: 88 7.5% (2007 est.)
Population Below Poverty Line
15.2% (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)country comparison to the world: 120 28.7 (1996)
Budget
Revenues: $239.4 billion
Expenditures: $245.7 billion (2008 est.)
Public Debt
89.6% of GDP (2008 est.)country comparison to the world: 9 96.2% of GDP (2004 est.)
Central Bank Discount Rate
3% (31 December 2008)country comparison to the world: 100 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
Stock of Domestic Credit
$767.1 billion (31 December 2008)country comparison to the world: 14 $552 billion (31 December 2007)
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 25 $386.4 billion (31 December 2007)$396.2 billion (31 December 2006)
Reserves of Foreign Exchange and Gold
$15.65 billion (31 December 2008 est.)country comparison to the world: 58 $16.51 billion (31 December 2007 est.)
Debt External
$1.354 trillion (31 December 2008)country comparison to the world: 11 $1.539 trillion (31 December 2007)
Stock of Direct Foreign Investment at Home
$821 billion (31 December 2008 est.)country comparison to the world: 6 $747.5 billion (31 December 2007 est.)
Stock of Direct Foreign Investment Abroad
$661.9 billion (31 December 2008 est.)country comparison to the world: 9 $593 billion (31 December 2007 est.)
Exchange Rates
euros (EUR) per US dollar - 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
