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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.
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% (2014 est.)
Labor Force
5.225 million (2014 est.)
Labor Force by Occupation
Agriculture: 1.3%
Industry: 18.6%
Services: 80.1% (2013 est.)
Unemployment Rate
8.4% (2013 est.)
Population Below Poverty Line
15.1% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.4%
Highest 10%: 28.4% (2006)
Distribution of Family Income Gini Index
28.7 (1996)
Budget
Revenues: $267.9 billion
Expenditures: $280.8 billion (2014 est.)
Public Debt
101.2% of GDP (2013 est.)
Central Bank Discount Rate
1.5% (31 December 2010)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$205.7 billion (31 December 2013 est.)
Stock of Broad Money
$630.9 billion (31 December 2013 est.)
Stock of Domestic Credit
$596 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$269.3 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$26.92 billion (31 December 2013 est.)
Debt External
$1.417 trillion (31 December 2011)
Stock of Direct Foreign Investment at Home
$1.169 trillion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$1.084 trillion (31 December 2013 est.)
Exchange Rates
0.755 (2010 est.)
