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 due to the global economic slowdown.
Prospects for 2004 again depend largely on recovery in the EU and
the US.
GDP:
purchasing power parity - $299.7 billion (2002 est.)
GDP - real growth rate:
0.7% (2002 est.)
GDP - per capita:
purchasing power parity - $29,200 (2002 est.)
GDP - composition by sector:
agriculture: 1.3%
industry: 24.4%
services: 74.3% (2001)
Population below poverty line:
4%
Household income or consumption by percentage share:
lowest 10%: 3.2%
highest 10%: 23% (1996)
Distribution of family income - Gini index:
28.7 (1996)
Inflation rate (consumer prices):
1.7% (2002 est.)
Labor force:
4.44 million (2001)
Labor force - by occupation:
services 73%, industry 25%, agriculture 2% (1999 est.)
Unemployment rate:
7.2% (2002 est.)
Budget:
revenues: $113.4 billion
expenditures: $106 billion, including capital expenditures of $7.17
billion (2000)
Industries:
engineering and metal products, motor vehicle assembly, processed
food and beverages, chemicals, basic metals, textiles, glass,
petroleum, coal
Industrial production growth rate:
4.5% (2000 est.)
Electricity - production:
74.28 billion kWh (2001)
Electricity - production by source:
fossil fuel: 38.4%
hydro: 0.6%
other: 1.8% (2001)
nuclear: 59.3%
Electricity - consumption:
78.18 billion kWh (2001)
Electricity - exports:
6.712 billion kWh (2001)
Electricity - imports:
15.82 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
595,100 bbl/day (2001 est.)
Oil - exports:
450,000 bbl/day (2001)
Oil - imports:
1.042 million bbl/day (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
15.5 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
15.4 billion cu m (2001 est.)
Agriculture - products:
sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal,
pork, milk
Exports:
$162 billion f.o.b. (2002 est.)
Exports - commodities:
machinery and equipment, chemicals, diamonds, metals and metal
products, foodstuffs
Exports - partners:
Germany 18.6%, France 16.3%, Netherlands 11.6%, UK 9.6%, US 7.9%,
Italy 5.4% (2002)
Imports:
$152 billion f.o.b. (2001)
Imports - commodities:
machinery and equipment, chemicals, metals and metal products,
foodstuffs
Imports - partners:
Germany 17.2%, Netherlands 15.6%, France 12.8%, UK 7.3%, Ireland
7%, US 6.4%, Italy 4% (2002)
Debt - external:
$28.3 billion (1999 est.)
Economic aid - donor:
ODA, $764 million (1997)
Currency:
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
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94
(1999), 36.3 (1998)
Fiscal year:
calendar year