Belgium Economy 1997

Economy - overview This highly developed private enterprise economy has capitalized onits central geographic location, highly developed transport network, and diversifiedindustrial and commercial base. Industry is concentrated mainly in the populousFlemish area in the north, although the government is encouraging reinvestmentin the southern region of Walloon. With few natural resources, Belgium mustimport substantial quantities of raw materials and export a large volume ofmanufactures, making its economy unusually dependent on the state of worldmarkets. Two-thirds of its trade is with other EU countries. The economy grewat a strong 4% annual pace during the period 1988-90, slowed to 1% in 1991-92,dropped by 1.5% in 1993, recovered with moderate 2.3% growth in 1994 and 1995,and fell off again to 1.4% in 1996, with continued substantial unemployment.Belgium's public debt has risen to 140% of GDP, and the government is tryingto control its expenditures to bring the figure more into line with otherindustrialized countries.

GDP purchasing power parity - $204.8 billion (1996 est.)

GDP - real growth rate 1.4% (1996 est.)

GDP - per capita purchasing power parity - $20,300 (1996 est.)

GDP - composition by sector
agriculture: 2%
industry: 28%
services : 70% (1994)

Inflation rate - consumer price index 2.1% (1996)

Labor force
total: 4.126 million
by occupation: services 69.7%, industry 27.7%, agriculture 2.6% (1992)

Unemployment rate 14% (1996 est.)

Budget
revenues : $NA
expenditures: $NA, including capital expenditures of $NA

Industries engineering and metal products, motor vehicle assembly, processed foodand beverages, chemicals, basic metals, textiles, glass, petroleum, coal

Industrial production growth rate 3.4% (1995 est.)

Electricity - capacity 13.59 million kW (1994)

Electricity - production 74.4 billion kWh (1995)

Electricity - consumption per capita 6,823 kWh (1995 est.)

Agriculture - products sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork,milk

Exports
total value: $108 billion (f.o.b., 1994) Belgium-Luxembourg Economic Union (BLEU)
commodities: iron and steel, transportation equipment, tractors, diamonds, petroleumproducts
partners : EU 67.2% (Germany 19%), US 5.8%, former Communist countries 1.4% (1994)

Imports
total value: $140 billion (c.i.f., 1994) Belgium-Luxembourg Economic Union
commodities: fuels, grains, chemicals, foodstuffs
partners: EU 68% (Germany 22.1%), US 8.8%, former Communist countries 0.8% (1994)

Debt - external $31.3 billion (1992 est.)

Economic aid
donor: ODA, $808 million (1993)

Currency 1 Belgian franc (BF) = 100 centimes

Exchange rates Belgian francs (BF) per US$1 - 33.067 (January 1997), 30.962 (1996),29.480 (1995), 33.456 (1994), 34.597 (1993), 32.150 (1992)

Fiscal year calendar year

NOTE: The information regarding Belgium on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 1997 information contained here. All suggestions for corrections of any errors about Belgium Economy 1997 should be addressed to the CIA.