Belgium:
Economy

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Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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 more than 85% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-07. Economic growth and foreign direct investment are expected to slow down in 2008, due to credit tightening, falling consumer and business confidence, and above average inflation. However, with the successful negotiation of the 2008 budget and devolution of power within the government, political tensions seem to be easing and could lead to an improvement in the economic outlook for 2008.
GDP (purchasing power parity)	Definition - World rank and map $376 billion (2007 est.)
GDP (official exchange rate)	Definition $453.6 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 2.7% (2007 est.)
GDP - per capita	Definition - World rank and map $35,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 1.1% industry: 24.5% services: 74.4% (2007 est.)
Labor force	Definition 4.96 million (2007 est.)
Labor force - by occupation	Definition agriculture: 2% industry: 25% services: 73% (2007 est.)
Unemployment rate	Definition - World rank and map 7.5% (2007 est.)
Population below poverty line	Definition 15.2% (2007 est.)
Household income or consumption by percentage share	Definition lowest 10%: 3.4% highest 10%: 28.4% (2006)
Distribution of family income - Gini index	Definition - World rank and map 28 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 1.8% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.3% of GDP (2007 est.)
Budget	Definition revenues: $219.3 billion expenditures: $220.3 billion (2007 est.)
Public debt	Definition - World rank and map 84.9% of GDP (2007 est.)
Agriculture - products	Definition sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk
Industries	Definition 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	Definition - World rank and map 3% (2007 est.)
Electricity - production	Definition - World rank and map 80.84 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 82.99 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 7,976.8 kWh (2005)
Electricity - exports	Definition 8.024 billion kWh (2005)
Electricity - imports	Definition 14.33 billion kWh (2005)
Oil - production	Definition - World rank and map 9,000 bbl/day (2006)
Oil - consumption	Definition - World rank and map 591,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 56.8 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 523,400 bbl/day (2004)
Oil - imports	Definition - World rank and map 1.109 million bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 16.61 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 1,597 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 17.27 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006)
Current account balance	Definition - World rank and map $14.64 billion (2007 est.)
Exports	Definition - World rank and map $322.1 billion f.o.b. (2007 est.)
Exports - commodities	Definition machinery and equipment, chemicals, diamonds, metals and metal products, foodstuffs
Exports - partners	Definition Germany 19.7%, France 16.7%, Netherlands 12%, UK 7.6%, US 5.6%, Italy 5.2% (2006)
Imports	Definition - World rank and map $322.9 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products
Imports - partners	Definition Germany 17.8%, Netherlands 17.6%, France 11.2%, UK 6.3%, US 5.3%, Ireland 4.9%, China 4.1% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $16.51 billion (2007 est.)
Debt - external	Definition - World rank and map $1.313 trillion (30 June 2007)
Stock of direct foreign investment - at home	Definition $703.9 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $537.6 billion (2007 est.)
Market value of publicly traded shares	Definition $422.7 billion (2006)
Economic aid - donor	Definition ODA, $1.978 billion (2006)
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Belgium: Economy

Belgium:
Economy