| Economy | Belgium |
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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 80% of GDP. On the positive side, the government succeeded in balancing its budget during the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium is likely to have negative growth, growing unemployment, and a 3% budget deficit, stemming from the worldwide banking crisis. |
GDP (purchasing power parity):
|
$390.5 billion (2008 est.)
$385.5 billion (2007)
$375.7 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$37,500 (2008 est.)
$37,100 (2007 est.)
$36,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$495.4 billion (2008) |
GDP - real growth rate:
|
1.3% (2008)
2.6% (2007 est.)
3% (2006 est.) |
GDP - composition by sector:
|
agriculture: 1%
industry: 24.2%
services: 74.9% (2008 est.) |
Investment (gross fixed):
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21.3% of GDP (2008 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% (2000) |
Distribution of family income - Gini index:
|
28 (2005) |
Inflation rate (consumer prices):
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4.5% (2008) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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2.1% (30 January 2009) |
Stock of money:
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$953.6 million
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 (31 December 2007) |
Stock of money - per capita:
|
92 USD per capita |
Stock of quasi money:
|
NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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$767.7 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
73,716 USD per capita |
Labor force:
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4.99 million (2008) |
Labor force participation rate:
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47.91 % of population |
Labor force - by occupation:
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agriculture: 2%
industry: 25%
services: 73% (2007 est.) |
Unemployment rate:
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6.5% (2008) |
Budget:
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revenues: $251.3 billion
expenditures: $254.2 billion (2008 est.) |
Budget revenues per capita:
|
24,131 USD per capita |
Public debt:
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80.8% of GDP (2008) |
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:
|
2% (2008 est.) |
Electricity - production:
|
82.94 billion kWh (2007 est.) |
Electricity - production per capita:
|
7,965 kWh per capita |
Electricity - consumption:
|
85.54 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
8,214 kWh per capita |
Electricity - exports:
|
9.035 billion kWh (2007 est.) |
Electricity - imports:
|
15.78 billion kWh (2007 est.) |
Oil - production:
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8,671 bbl/day (2007 est.) |
Oil - production per capita:
|
833 bbl/day per capita |
Oil - consumption:
|
628,500 bbl/day (2007 est.) |
Oil - consumption - per capita:
|
22.03 bbl/year per capita |
Oil - exports:
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528,700 bbl/day (2005) |
Oil - imports:
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1.119 million bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
17.39 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
1,670 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
17.34 billion cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006) |
Agriculture - products:
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sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk |
Current account balance:
|
$3.972 billion (2008 est.) |
Current account balance - per capita:
|
382 USD per capita |
Exports:
|
$372.9 billion f.o.b. (2008 est.) |
Exports per capita:
|
35,807 USD per capita |
Exports - commodities:
|
machinery and equipment, chemicals, diamonds, metals and metal products, foodstuffs |
Exports - partners:
|
Germany 19.5%, France 16.7%, Netherlands 11.9%, UK 7.6%, US 5.7%, Italy 5.2% (2007) |
Imports:
|
$375.2 billion f.o.b. (2008 est.) |
Imports per capita:
|
36,028 USD per capita |
Imports - commodities:
|
machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products |
Imports - partners:
|
Germany 17.7%, Netherlands 17.6%, France 11.2%, UK 6.2%, US 5.4%, Ireland 4.9%, China 4.1% (2007) |
Reserves of foreign exchange and gold:
|
$16.51 billion (2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,586 USD per capita |
Debt - external:
|
$1.313 trillion (30 June 2007) |
Debt - external - per capita:
|
126,077 USD per capita |
Stock of direct foreign investment - at home:
|
$733.9 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
70,471 USD per capita |
Stock of direct foreign investment - abroad:
|
$581.9 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
55,875 USD per capita |
Market value of publicly traded shares:
|
$386.4 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
37,103 USD per capita |
Economic aid - donor:
|
ODA, $1.978 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
|
euros (EUR) per US dollar - 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004) |
Fiscal year:
|
calendar year |
|
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