Economy Overview
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders 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, yet also able to benefit from them. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2010 Belgian GDP grew by 2.1%, the unemployment rate rose slightly, and the government reduced the budget deficit, which had worsened in 2008 and 2009 because of large-scale bail-outs in the financial sector. Belgium's budget deficit decreased from 6% of GDP to 4.1% in 2010, while public debt was just under 100% of GDP. Belgian banks were 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 mid- to long-term challenges to public finances.
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
7.1% (2010 est.)country comparison to the world: 55
Labor Force
5.114 million (2010 est.)country comparison to the world: 72
Electricity production
84.2 billion kWh (2009 est.)country comparison to the world: 35
Electricity Consumption
84.78 billion kWh (2008 est.)country comparison to the world: 33
Electricity Exports
11.32 billion kWh (2009 est.)
Electricity Imports
1.837 billion kWh (2009 est.)
Unemployment Rate
8.3% (2010 est.)country comparison to the world: 96 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: 127 28.7 (1996)
Budget
Revenues: $228.4 billion
Expenditures: $248 billion (2010 est.)
Public Debt
100.7% of GDP (2010 est.)country comparison to the world: 11 100.5% of GDP (2009 est.)
Central Bank Discount Rate
1.75% (31 December 2010)country comparison to the world: 121 1.75% (31 December 2009) 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
$175.3 billion (31 December 2010 est.)country comparison to the world: 18 $183.9 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 17 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
$548.3 billion (31 December 2010 est.)country comparison to the world: 21 $552.2 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
$269.3 billion (31 December 2010)country comparison to the world: 25 $261.4 billion (31 December 2009)$167.4 billion (31 December 2008)
Reserves of Foreign Exchange and Gold
$26.81 billion (31 December 2010 est.)country comparison to the world: 52 $23.98 billion (31 December 2009 est.)
Debt External
$1.399 trillion (30 June 2011)country comparison to the world: 11 $1.241 trillion (30 June 2010)
Stock of Direct Foreign Investment at Home
$910.8 billion (31 December 2010 est.)country comparison to the world: 6 $848 billion (31 December 2009 est.)
Stock of Direct Foreign Investment Abroad
$765.4 billion (31 December 2010 est.)country comparison to the world: 9 $728.3 billion (31 December 2009 est.)
Exchange Rates
euros (EUR) per US dollar -0.755 (2010)0.72 (2009)0.6827 (2008)0.7345 (2007)0.7964 (2006)
