Belgium: Economy Overview

Belgium's modern, private-enterprise economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base.

Economy - overview:

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 vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries and its overall current account deficit widened to 4% of GDP in 2009. Public debt is nearly 100% of GDP. On the positive side, income distribution is relatively equal and the government succeeded in balancing its budget during the 2000-2008 period. In 2009 Belgian GDP contracted by 3.1%, the unemployment rate rose slightly, and the budget deficit worsened because of large-scale bail-outs in the financial sector. Belgian banks have been severely affected by the international financial crisis with three major banks all 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 restore fiscal balance.

GDP (purchasing power parity):

$383.4 billion (2009 est.)
country comparison to the world: 30
$394 billion (2008 est.)
$390.9 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):

$470.4 billion (2009 est.)

GDP - real growth rate:

-2.7% (2009 est.)
country comparison to the world: 161
0.8% (2008 est.)
2.8% (2007 est.)

GDP - per capita (PPP):

$36,800 (2009 est.)
country comparison to the world: 30
$37,900 (2008 est.)
$37,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 0.6%
industry: 22%
services: 77.4% (2009 est.)

Labor force:

5.08 million (2009 est.)
country comparison to the world: 73

Labor force - by occupation:

agriculture: 2%
industry: 25%
services: 73% (2007 est.)

Unemployment rate:

7.9% (2009 est.)
country comparison to the world: 81
7% (2008 est.)

Investment (gross fixed):

21.4% of GDP (2009 est.)
country comparison to the world: 78

Budget:

revenues: $226.4 billion
expenditures: $253.3 billion (2009 est.)

Inflation rate (consumer prices):

0% (2009 est.)
country comparison to the world: 25
4.5% (2008 est.)

Agriculture - products:

Industries:

Industrial production growth rate:

-7.6% (2009 est.)
country comparison to the world: 129

Oil - production:

11,220 bbl/day (2009 est.)
country comparison to the world: 82

Natural gas - production:

0 cu m (2008 est.)
country comparison to the world: 205

Current account balance:

$4.398 billion (2009 est.)
country comparison to the world: 39
-$12.88 billion (2008 est.)

Exports:

$254.3 billion (2009 est.)
country comparison to the world: 15
$371.5 billion (2008 est.)

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:

$253.1 billion (2009 est.)
country comparison to the world: 15
$387.7 billion (2008 est.)

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)

Debt - external:

$NA (31 December 2009)
$1.354 trillion (31 December 2008)

Stock of direct foreign investment - at home:

$742.4 billion (31 December 2009 est.)
country comparison to the world: 6
$671.1 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:

$691.2 billion (31 December 2009 est.)
country comparison to the world: 10
$615.4 billion (31 December 2008 est.)

Exchange rates: