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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 85% of GDP. On the positive side, the
government has succeeded in balancing its budget, and income distribution is
relatively equal. Belgium began circulating the euro currency in January 2002.
Economic growth in 2001-03 dropped sharply because of the global economic
slowdown, with moderate recovery in 2004-07. Credit tightening, falling consumer
and business confidence, and uncertainty surrounding delays in government
formation could slow growth and reduce foreign investment in 2008.
GDP: $378.9 billion (2007 est.)
GDP (official exchange rate): $388.4 billion (2007 est.)
GDP - real growth rate: 2.7% (2007 est.)
GDP - per capita (PPP): $36,500 (2007 est.)
GDP - composition by sector:
agriculture: 1%
industry: 24.4%
services: 74.6% (2007 est.)
Population below poverty line: 15% (2007 est.) Household income or consumption by percentage share:
lowest 10%: 3.4%
highest 10%: 28.1% (2000)
Inflation rate (consumer prices): 1.7% (2007 est.)
Investment (gross fixed): 21.4% of GDP (2007 est.)
Labour force: 5.03 million (2007 est.)
Labour force - by occupation:
agriculture: 1.3%
industry: 24.5%
services: 74.2% (2003 est.)
Unemployment rate: 7.6% (2007 est.) Budget:
revenues: $217 billion
expenditures: $217.4 billion (2007 est.) Public Debt:
86.1% of GDP (2007 est.) 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: 3% (2007 est.)
Electricity - production: 80.84 billion kWh (2005)
Electricity - consumption: 82.99 billion kWh (2005)
Electricity - exports: 8.024 billion kWh (2005)
Electricity - imports: 14.33 billion kWh (2005)
Oil - production: 8,671 bbl/day (2005)
Oil - consumption: 564,000 bbl/day (2005 est.)
Oil - exports: 523,400 bbl/day (2004)
Oil - imports: 1.109 million bbl/day (2004)
Natural gas - production: 0 cu m (2005 est.)
Natural gas - consumption: 16.61 billion cu m (2005 est.)
Natural gas - exports: 0 cu m (2005 est.)
Natural gas - imports: 17.27 billion cu m (2005)
Current Account Balance: $11.04 billion (2007 est.)
Exports: $328.1 billion f.o.b. (2007 est.)
Exports - commodities: machinery and equipment, chemicals,
diamonds, metals and metal products, foodstuffs
Exports - partners: Germany 19.7%, France 16.9%, Netherlands
12%, UK 7.9%, US 6.2%, Italy 5.2% (2006)
Imports: $320.9 billion f.o.b. (2007 est.)
Imports - commodities: machinery and equipment, chemicals,
diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products
Imports - partners: Netherlands 18.3%, Germany 17.3%, France
11.2%, UK 6.6%, Ireland 5.7%, US 5.4% (2006)
Reserves of foreign exchange & gold: $13.44 billion (2006
est.)
Debt - external: $1.313 trillion (30 June 2007)
Economic aid - donor: ODA, $1.072 billion (2002)
Currency: euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro
as a common currency to be used by financial institutions of member countries;
on 1 January 2002, the euro became the sole currency for everyday transactions
within the member countries
Exchange rates: euros per US dollar - 0.7345 (2007), 0.7964 (2006),
0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year: calendar year
This information comes from the CIA
World Factbook January 2008.
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