| Economy | Belgium |
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Economy - overview:
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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 2011 Belgian GDP grew by 2.04%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances. |
GDP (purchasing power parity):
|
$412 billion (2011 est.)
$403.9 billion (2010 est.)
$395.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$37,600 (2011 est.)
$37,000 (2010 est.)
$36,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$529 billion (2011 est.) |
GDP - real growth rate:
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2% (2011 est.)
2.1% (2010 est.)
-2.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 0.7%
industry: 21.6%
services: 77.7% (2011 est.) |
Investment (gross fixed):
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19.8% of GDP (2011 est.) |
Population below poverty line:
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15.2% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.4%
highest 10%: 28.4% (2006) |
Distribution of family income - Gini index:
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28 (2005)
28.7 (1996) |
Inflation rate (consumer prices):
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3.1% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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4.4% (31 December 2011 est.)
4.21% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$801.1 billion (31 December 2009 est.)
$767.1 billion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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76,797 USD per capita |
Stock of narrow money:
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$186.8 billion (31 December 2011 est.)
$175.3 billion (31 December 2010 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:
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$604 billion (31 December 2011 est.)
$548.3 billion (31 December 2010 est.) |
Labor force:
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5.071 million (2011 est.) |
Labor force participation rate:
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48.61 % of population |
Labor force - by occupation:
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agriculture: 2%
industry: 25%
services: 73% (2007 est.) |
Unemployment rate:
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7.7% (2011 est.)
8.3% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 21.9%
male: 21.5%
female: 22.5% (2009) |
Budget:
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revenues: $253.3 billion
expenditures: $275.5 billion (2011 est.) |
Budget revenues per capita:
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24,283 USD per capita |
Taxes and other revenues:
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47.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.2% of GDP (2011 est.) |
Public debt:
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99.7% of GDP (2011 est.)
100.7% of GDP (2010 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. |
Industries:
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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:
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6.1% (2011 est.) |
Electricity - production:
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84.2 billion kWh (2009 est.) |
Electricity - production per capita:
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8,072 kWh per capita |
Electricity - consumption:
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84.78 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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8,128 kWh per capita |
Electricity - exports:
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11.32 billion kWh (2009 est.) |
Electricity - imports:
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1.837 billion kWh (2009 est.) |
Oil - production:
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11,220 bbl/day (2010 est.) |
Oil - production per capita:
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1,076 bbl/day per capita |
Oil - consumption:
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622,600 bbl/day (2010 est.) |
Oil - consumption - per capita:
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21.78 bbl/year per capita |
Oil - exports:
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353,000 bbl/day (2009 est.) |
Oil - imports:
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1.007 million bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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19.53 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,873 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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19.32 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk |
Current account balance:
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$4.7 billion (2011 est.)
$4.481 billion (2010 est.) |
Current account balance - per capita:
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451 USD per capita |
Exports:
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$332 billion (2011 est.)
$282.3 billion (2010 est.) |
Exports per capita:
|
31,827 USD per capita |
Exports - commodities:
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machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs |
Exports - partners:
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Germany 19.1%, France 17%, Netherlands 12.2%, UK 7.2%, US 5.3%, Italy 4.7% (2010) |
Imports:
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$332.4 billion (2011 est.)
$284.6 billion (2010 est.) |
Imports per capita:
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31,866 USD per capita |
Imports - commodities:
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raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products |
Imports - partners:
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Netherlands 19.1%, Germany 16.4%, France 11.3%, UK 5.4%, US 5.3%, Ireland 5.3%, China 4.1% (2010) |
Reserves of foreign exchange and gold:
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$26.81 billion (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
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2,571 USD per capita |
Debt - external:
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$1.399 trillion (30 June 2011)
$1.241 trillion (30 June 2010) |
Debt - external - per capita:
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134,114 USD per capita |
Stock of direct foreign investment - at home:
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$983.9 billion (31 December 2011 est.)
$910.8 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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94,321 USD per capita |
Stock of direct foreign investment - abroad:
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$813.9 billion (31 December 2011 est.)
$765.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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78,024 USD per capita |
Market value of publicly traded shares:
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$269.3 billion (31 December 2010)
$261.4 billion (31 December 2009)
$167.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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25,817 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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