Overview: This small 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. Three-fourths of its trade is with other EU countries. The economy grew at a strong 4% pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, and recovered with 2.3% growth in 1994. Belgium's public debt has risen to 140% of GDP, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries.
National product: GDP - purchasing power parity - $181.5 billion (1994 est.)
National product real growth rate: 2.3% (1994 est.)
National product per capita: $18,040 (1994 est.)
Inflation rate (consumer prices): 2.5% (1994)
Unemployment rate: 14.1% (December 1994)
Budget:
revenues: $97.8 billion
expenditures: $109.3 billion, including capital expenditures of $NA
(1989)
Exports: $117 billion (f.o.b., 1992) Belgium-Luxembourg Economic Union
commodities: iron and steel, transportation equipment, tractors, diamonds, petroleum products partners: EC 75.5%, US 3.7%, former Communist countries 1.4% (1991)
Imports: $120 billion (c.i.f., 1992) Belgium-Luxembourg Economic Union