Belgium:
Economy

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Other pages in this profile of Belgium:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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 (purchasing power parity)	$342.5 billion (2006 est.)
GDP (official exchange rate)	$369.6 billion (2006 est.)
GDP - real growth rate	3% (2006 est.)
GDP - per capita	$33,000 (2006 est.)
GDP - composition by sector	agriculture: 1% industry: 24.3% services: 74.7% (2006 est.)
Labor force	4.9 million (2006 est.)
Labor force - by occupation	agriculture: 1.3% industry: 24.5% services: 74.2% (2003 est.)
Unemployment rate	8.1% (2006 est.)
Population below poverty line	4% (1989 est.)
Household income or consumption by percentage share	lowest 10%: 3.4% highest 10%: 28.1% (2000)
Distribution of family income - Gini index	33 (2000)
Inflation rate (consumer prices)	1.8% (2006 est.)
Investment (gross fixed)	20.4% of GDP (2006 est.)
Budget	revenues: $193.6 billion expenditures: $193.2 billion (2006 est.)
Public debt	88.8% of GDP (2006 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
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	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 (1 January 2006)
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	$7.856 billion (2006 est.)
Exports	$283.8 billion f.o.b. (2006 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	$279.9 billion f.o.b. (2006 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 and gold	$13.44 billion (2006 est.)
Debt - external	$1.053 trillion (30 June 2006 est.)
Economic aid - donor	ODA, $1.072 billion (2002)
Currency (code)	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 - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year	calendar year

Belgium: Economy

Belgium:
Economy