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World > Europe > Belgium > Economy (Facts)

Belgium - Economy (Facts)
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 90% 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 2004-06.
GDP - real growth rate: 3% (2006 est.)
GDP (purchasing power parity): $342.8 billion (2006 est.)
GDP (official exchange rate): $369.6 billion (2006 est.)
GDP - per capita (PPP): $33,000 (2006 est.)
GDP - composition by sector: agriculture: 1%
industry: 24%
services: 74.9% (2005 est.)
Population below poverty line: 4% (1989 est.)
Household income or consumption by percentage share: lowest 10%: 3.2%
highest 10%: 23% (1996)
Inflation rate (consumer prices): 2.1% (2006 est.)
Labor force: 4.89 million (2006 est.)
Labor force - by occupation: agriculture: 1.3%
industry: 24.5%
services: 74.2% (2003 est.)
Unemployment rate: 8.1% (2006 est.)
Budget: revenues: $195.7 billion
expenditures: $195.5 billion; including capital expenditures of $1.56 billion (2006 est.)
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% (2006 est.)
Electricity - production: 80.22 billion kWh (2004)
Electricity - consumption: 82.41 billion kWh (2004)
Electricity - exports: 6.8 billion kWh (2004)
Electricity - imports: 14.6 billion kWh (2004)
Oil - production: 10,690 bbl/day (2004)
Oil - consumption: 641,000 bbl/day (2004 est.)
Oil - exports: 523,400 bbl/day (2004)
Oil - imports: 1.109 million bbl/day (2004)
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 16.88 billion cu m (2004 est.)
Agriculture - products: sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk
Exports: $335.3 billion f.o.b. (2006 est.)
Exports - commodities: machinery and equipment, chemicals, diamonds, metals and metal products, foodstuffs
Exports - partners: Germany 19.9%, France 17%, Netherlands 12%, UK 7.9%, US 6.1%, Italy 5.2% (2006)
Imports: $333.5 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products
Imports - partners: Netherlands 18.4%, Germany 17.5%, France 11.3%, UK 6.6%, Ireland 5.9%, US 5.3% (2006)
Debt - external: $1.053 trillion (30 June 2006 est.)
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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