Flag description: three equal vertical bands of black (hoist
side), yellow, and red; the design was based on the flag of France
Economy
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 Wallonia. 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. Belgium's public debt fell from 127% of GDP in 1996 to 122% of GDP in 1998 and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. Belgium became a charter member of the European Monetary Union (EMU) in January 1999.
GDP: purchasing power parity—$236 billion (1998 est.)
GDP—real growth rate: 2.8% (1998 est.)
GDP—per capita: purchasing power parity?$23,400 (1998 est.)
GDP—composition by sector: agriculture: 1.9% industry: 27.2% services: 70.9% (1996)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 3.7% highest 10%: 20.2% (1992)
Inflation rate (consumer prices): 1% (1998 est.)