| Date - Field | Belgium - Economy - overview |
2012 January
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 volatility in world markets, yet also able to benefit from them. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2010 Belgian GDP grew by 2.1%, the unemployment rate rose slightly, and the government reduced the budget deficit, which had worsened in 2008 and 2009 because of large-scale bail-outs in the financial sector. Belgium's budget deficit decreased from 6% of GDP to 4.1% in 2010, while public debt was just under 100% of GDP. Belgian banks were severely affected by the international financial crisis with three major banks receiving capital injections from the government. An ageing population and rising social expenditures are mid- to long-term challenges to public finances. |
2011 January
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 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. In 2009 Belgian GDP contracted by 2.7%, the unemployment rate rose slightly, and the budget deficit worsened because of large-scale bail-outs in the financial sector. Belgium's budget deficit widened to 4.8% of GDP in 2010, while public debt was just over 100% of GDP. Belgian banks have been severely affected by the international financial crisis with three major banks receiving capital injections from the government. An ageing population and rising social expenditures are also increasing pressure on public finances, making it likely the government will need to implement unpopular austerity measures to assuage investor concerns about Belgium's ability to restore fiscal balance. |
2010 January
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. |
2009 January
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 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. Economic growth and foreign direct investment dropped again in 2008, and will probably continue to slow in 2009 due to tightened credit, falling consumer and business confidence, and above average inflation. |
2008 January
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. |
2007 January
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. |
2006 January
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 nearly 100% 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. |
2005 January
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 nearly 100% 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. |
2004 January
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 about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown. Prospects for 2004 again depend largely on recovery in the EU and the US. |
2003 January
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. About three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating euro currency in January 2002. Economic growth in 2001-02 dropped sharply due to the global economic slowdown. Prospects for 2003 again depend largely on recovery in the EU and the US. |
2002 January
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. About three-quarters of its trade is with other EU countries. Belgium's public debt is expected to fall to about 100% of GDP in 2002, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating euro currency in January 2002. Economic growth in 2001 dropped sharply due to the global economic slowdown. Prospects for 2002 depend largely on recovery in the EU and the US. |
2001 January
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, although the government is encouraging investment in the southern region of Wallonia. 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. About three-quarters of its trade is with other EU countries. Belgium's public debt is expected to fall below 100% of GDP in 2002, and the government has succeeded in balancing is budget. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. Economic growth in 2000 was broad based, putting the government in a good position to pursue its energy market liberalization policies and planned tax cuts. |
2000 January
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, although the government is encouraging investment in the southern region of Wallonia. 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. About three-quarters of its trade is with other EU countries. Belgium's public debt fell from 127% of GDP in 1996 to 122% of GDP in 1998 and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. The dioxin crisis - beginning in June 1999 with the discovery of a cancer-causing substance in animal feed - constituted a serious blow to the food-processing industry, both domestically and internationally. This crisis slowed down GDP growth with recovery expected in the year 2000. |
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This page was last updated on 5 February, 2012 |
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