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. About three-quarters of its trade is with other EU countries. Belgium's public debt is expected to fall to about 100% of GDP in 2002, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating euro currency in January 2002. Economic growth in 2001 dropped sharply due to the global economic slowdown. Prospects for 2002 depend largely on recovery in the EU and the US.

GDP purchasing power parity - $267.7 billion (2001 est.)

GDP - real growth rate 1.1% (2001 est.)

GDP - per capita purchasing power parity - $26,100 (2001 est.)

GDP - composition by sector
agriculture: 1.4%
industry: 24%
services: 74.6% (2000)

Population below poverty line 4%

Household income or consumption by percentage share
lowest 10%: 3.7%
highest 10%: 20.2% (1992)

Distribution of family income - Gini index 25 (1992)

Inflation rate (consumer prices) 2.4% (2001 est.)

Labor force 4.44 million (2001)

Labor force - by occupation services 73%, industry 25%, agriculture 2% (1999 est.)

Unemployment rate 6.8% (2001 est.)

Budget
revenues: $113.44 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 79.348 billion kWh (2000)

Electricity - production by source
fossil fuel: 40.31%
hydro: 0.57%
other: 1.46% (2000)
nuclear: 57.66%

Electricity - consumption 78.13 billion kWh (2000)

Electricity - exports 7.309 billion kWh (2000)

Electricity - imports 11.645 billion kWh (2000)

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

Exports $160.3 billion (f.o.b., 2001)

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

Exports - partners EU 74% (France 18%, Germany 17%, Netherlands 13%, UK 10%), US 6% (2000)

Imports $154 billion (f.o.b., 2001)

Imports - commodities machinery and equipment, chemicals, metals and metal products

Imports - partners EU 68% (Germany 17%, Netherlands 17%, France 13%, UK 9%) (2000)

Debt - external $28.3 billion (1999 est.)

Economic aid - donor ODA, $764 million (1997)

Currency euro (EUR); Belgian franc (BEF)
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; BEF

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); Belgian francs per US dollar - 34.77 (January 1999), 36.229 (1998), 35.774 (1997)

Fiscal year calendar year

NOTE: The information regarding Belgium on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 2002 information contained here. All suggestions for corrections of any errors about Belgium Economy 2002 should be addressed to the CIA.