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. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
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, base metals, textiles, glass, petroleum
Industrial Production Growth Rate
0.2% (2013 est.) country comparison to the world: 163
Labor Force
5.15 million (2013 est.) country comparison to the world: 73
Labor Force by Occupation
agriculture: 2%
industry: 25%
services: 73% (2007 est.)
Unemployment Rate
8.8% (2013 est.) country comparison to the world: 97 7.6% (2012 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: 125 28.7 (1996)
Budget
revenues: $241.9 billion
expenditures: $258.2 billion (2013 est.)
Public Debt
102.4% of GDP (2013 est.) country comparison to the world: 15 99.6% of GDP (2012 est.) note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury, the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions; general government debt is defined by the Maastricht definition and calculated by the National Bank of Belgium as consolidated gross debt; the debt is defined in European Regulation EC479/2009 concerning the implementation of the protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992; the sub-sectors of consolidated gross debt are: federal government, communities and regions, local government, and social security funds
Central Bank Discount Rate
0.75% (31 December 2013) country comparison to the world: 127 1.5% (31 December 2010) 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
3.5% (31 December 2013 est.) country comparison to the world: 161 3.62% (31 December 2012 est.)
Stock of Narrow Money
$185.1 billion (31 December 2013 est.) country comparison to the world: 21 $185.7 billion (31 December 2012 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
$591.7 billion (31 December 2013 est.) country comparison to the world: 21 $585 billion (31 December 2012 est.)
Stock of Domestic Credit
$581.4 billion (31 December 2013 est.) country comparison to the world: 23 $574.8 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$NA (31 December 2012 est.)$NA (31 December 2011) $269.3 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$30.77 billion (31 December 2012 est.) country comparison to the world: 52 $29.43 billion (31 December 2011 est.)
Debt External
$1.424 trillion (31 December 2012 est.) country comparison to the world: 14 $1.417 trillion (31 December 2011)
Stock of Direct Foreign Investment at Home
$1.195 trillion (31 December 2013 est.) country comparison to the world: 6 $1.159 trillion (31 December 2012 est.)
Stock of Direct Foreign Investment Abroad
$1.215 trillion (31 December 2013 est.) country comparison to the world: 7 $1.185 trillion (31 December 2012 est.)
Exchange Rates
euros (EUR) per US dollar -0.7634 (2013 est.) 0.7752 (2012 est.) 0.755 (2010 est.) 0.7198 (2009 est.) 0.6827 (2008 est.)
