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 imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries. In 2009 Belgian GDP contracted by 2.7%, the unemployment rate rose slightly, and the budget deficit worsened because of large-scale bail-outs in the financial sector. Belgium's budget deficit widened to 4.8% of GDP in 2010, while public debt was just over 100% of GDP. Belgian banks have been severely affected by the international financial crisis with three major banks receiving capital injections from the government. An ageing population and rising social expenditures are also increasing pressure on public finances, making it likely the government will need to implement unpopular austerity measures to assuage investor concerns about Belgium's ability to restore fiscal balance.
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
4% (2010 est.)country comparison to the world: 79
Labor Force
5.02 million (2010 est.)country comparison to the world: 74
Electricity production
82.17 billion kWh (2007 est.)country comparison to the world: 36
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
8.1% (2010 est.)country comparison to the world: 92 7.9% (2009 est.)
Population Below Poverty Line
15.2% (2007 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.4%
Highest 10%: 28.4% (2006)
Distribution of Family Income Gini Index
28 (2005)country comparison to the world: 121 28.7 (1996)
Public Debt
102.5% of GDP (2010 est.)country comparison to the world: 9 101% of GDP (2009 est.)
Central Bank Discount Rate
1.75% (31 December 2009)country comparison to the world: 113 3% (31 December 2008) 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 Narrow Money
$172.9 billion (31 December 2010 est)country comparison to the world: 19 $178.7 billion (31 December 2009 est) note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of Broad Money
$539.4 billion (31 December 2010 est.)country comparison to the world: 22 $536.7 billion (31 December 2009 est.)
Stock of Domestic Credit
$801.1 billion (31 December 2009 est.)country comparison to the world: 17 $767.1 billion (31 December 2008 est.)
Market Value of Publicly Traded Shares
$261.4 billion (31 December 2009)country comparison to the world: 26 $167.4 billion (31 December 2008)$386.4 billion (31 December 2007)
Reserves of Foreign Exchange and Gold
$NA (31 December 2010 est.)$23.98 billion (31 December 2009 est.)
Debt External
$1.241 trillion (30 June 2010)country comparison to the world: 12 $1.354 trillion (31 December 2008)
Stock of Direct Foreign Investment at Home
$741.7 billion (31 December 2010 est.)country comparison to the world: 6 $705.2 billion (31 December 2009 est.)
Stock of Direct Foreign Investment Abroad
$632.8 billion (31 December 2010 est.)country comparison to the world: 10 $595.8 billion (31 December 2009 est.)
Exchange Rates
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)
