Economy - overview This highly developed 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 reinvestment in the southern region of Walloon. 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. Two-thirds of its trade is with other EU countries. The economy grew at a strong 4% annual pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, recovered with moderate 2.3% growth in 1994 and 1995, and fell off again to 1.4% in 1996, with continued substantial unemployment. Belgium's public debt fell from 127% of GDP in 1996 to 124% in 1997, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. GDP growth of 2.5% is forecast for 1998.

GDP purchasing power parity - $236.3 billion (1997 est.)

GDP - real growth rate 2.3% (1997 est.)

GDP - per capita purchasing power parity - $23,200 (1997 est.)

GDP - composition by sector
agriculture: 2%
industry: 28%
services: 70% (1994)

Inflation rate - consumer price index 1.7% (1997 est.)

Labor force
total: 4.283 million (1997)
by occupation: services 69.7%, industry 27.7%, agriculture 2.6% (1992)

Unemployment rate 12.75% (1997)

Budget
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries engineering and metal products, motor vehicle assembly, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum, coal

Industrial production growth rate 9.7% (1995)

Electricity - capacity 13.592 million kW (1995)

Electricity - production 69.56 billion kWh (1995)

Electricity - consumption per capita 7,306 kWh (1995 est.)

Agriculture - products sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk

Exports
total value: $172 billion (f.o.b., 1997) Belgium-Luxembourg Economic Union (BLEU)
commodities: iron and steel, transportation equipment, tractors, diamonds, petroleum products
partners: EU 67.2% (Germany 19%), US 5.8%, former Communist countries 1.4% (1994)

Imports
total value: $158.5 billion (c.i.f., 1997) Belgium-Luxembourg Economic Union
commodities: fuels, grains, chemicals, foodstuffs
partners: EU 75% (Germany 22.1%), US 5%, former Communist countries 0.8% (1997)

Debt - external $31.3 billion (1992 est.)

Economic aid
donor: ODA, $808 million (1993)

Currency 1 Belgian franc (BF) = 100 centimes

Exchange rates Belgian francs (BF) per US$1 - 37.459 (January 1998), 35.774 (1997), 30.962 (1996), 29.480 (1995), 33.456 (1994), 34.597 (1993)

Fiscal year calendar year

NOTE: The information regarding Belgium on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 1998 information contained here. All suggestions for corrections of any errors about Belgium Economy 1998 should be addressed to the CIA.