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Belgium Economy 2011
https://theodora.com/wfb2011/belgium/belgium_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

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.

GDP (purchasing power parity):
$394.9 billion (2010 est.)
country comparison to the world: 31

$388.7 billion (2009 est.)
$399.5 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$461.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.6% (2010 est.)
country comparison to the world: 162

-2.7% (2009 est.)
0.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,900 (2010 est.)
country comparison to the world: 28

$37,300 (2009 est.)
$38,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 0.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 77.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
5.02 million (2009 est.)
country comparison to the world: 74
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25%
[see also: Labor force - by occupation - industry country ranks ]
services: 73% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.1% (2010 est.)
country comparison to the world: 92

7.9% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
15.2% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
28 (2005)
country comparison to the world: 121

28.7 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
20.8% of GDP (2009 est.)
country comparison to the world: 80
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $220.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $242.6 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
102.5% of GDP (2010 est.)
country comparison to the world: 9

101% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.3% (2010 est.)
country comparison to the world: 69

0% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2009)
country comparison to the world: 113

3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.15% (31 December 2009 est.)
country comparison to the world: 129

7.03% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$172.9 billion (31 December 2010 est)

$178.7 billion (31 December 2009 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 16 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$539.4 billion (31 December 2010 est.)

$536.7 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$801.1 billion (31 December 2009 est.)
country comparison to the world: 17

$767.1 billion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$261.4 billion (31 December 2009)
country comparison to the world: 27

$167.4 billion (31 December 2008)
$386.4 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

Industrial production growth rate:
4% (2009 est.)
country comparison to the world: 79
[see also: Industrial production growth rate country ranks ]

Electricity - production:
82.17 billion kWh (2007 est.)
country comparison to the world: 36
[see also: Electricity - production country ranks ]

Electricity - consumption:
84.88 billion kWh (2007 est.)
country comparison to the world: 33
[see also: Electricity - consumption country ranks ]

Electricity - exports:
6.561 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
17.16 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
11,220 bbl/day (2009 est.)
country comparison to the world: 82
[see also: Oil - production country ranks ]

Oil - consumption:
608,200 bbl/day (2009 est.)
country comparison to the world: 27
[see also: Oil - consumption country ranks ]

Oil - exports:
433,700 bbl/day (2008 est.)
country comparison to the world: 31
[see also: Oil - exports country ranks ]

Oil - imports:
1.12 million bbl/day (2008 est.)
country comparison to the world: 16
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 202
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 205
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
16.87 billion cu m (2009 est.)
country comparison to the world: 39
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 57
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
16.78 billion cu m (2009 est.)
country comparison to the world: 14
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 203
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.129 billion (2010 est.)
country comparison to the world: 141

$1.251 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$279.2 billion (2010 est.)
country comparison to the world: 16

$261.1 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs

Exports - partners:
Germany 19.58%, France 17.71%, Netherlands 11.84%, UK 7.21%, US 5.37%, Italy 4.77% (2009)

Imports:
$281.7 billion (2010 est.)
country comparison to the world: 17

$261.3 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products

Imports - partners:
Netherlands 17.93%, Germany 17.14%, France 11.69%, Ireland 6.26%, US 5.74%, UK 5.07%, China 4.09% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$23.98 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.241 trillion (30 June 2010)
country comparison to the world: 12

$1.354 trillion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$741.7 billion (31 December 2010 est.)
country comparison to the world: 6

$705.2 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$632.8 billion (31 December 2010 est.)
country comparison to the world: 10

$595.8 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding Belgium on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 2011 information contained here. All suggestions for corrections of any errors about Belgium Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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