Economy Belgium
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 nearly 100% 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.
GDP (purchasing power parity):
$316.2 billion (2004 est.)
GDP - real growth rate:
2.6% (2004 est.)
GDP - per capita:
purchasing power parity - $30,600 (2004 est.)
GDP - composition by sector: agriculture: 1.3% industry: 25.7% services: 73% (2004 est.)
Labor force:
4.75 million (2004 est.)
Labor force - by occupation:
agriculture 1.3%, industry 24.5%, services 74.2% (2003 est.)
Unemployment rate:
12% (first half, 2004)
Population below poverty line:
4% (1989 est.)