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. Roughly
three-quarters of its trade is with other EU countries. Public debt
is about 100% of GDP, and the government has succeeded in balancing
its budget. Belgium, together with 11 of its EU partners, began
circulating the euro currency in January 2002. Economic growth in
2001-03 dropped sharply because of the global economic slowdown.
Prospects for 2004 again depend largely on recovery in the EU and
the US.
GDP:
purchasing power parity - $299.1 billion (2003 est.)
GDP - real growth rate:
1.1% (2003 est.)
GDP - per capita:
purchasing power parity - $29,100 (2003 est.)
GDP - composition by sector: agriculture: 1.9% industry: 26.3% services: 71.8% (2003)
Investment (gross fixed):
19.7% of GDP (2003)
Population below poverty line:
4% (1989 est.)
Household income or consumption by percentage share: lowest 10%: 3.2% highest 10%: 23% (1996)
Distribution of family income - Gini index:
28.7 (1996)
Inflation rate (consumer prices):
1.6% (2003 est.)