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Belgium Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Belgium Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 14, 2013

Economy - overview:
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

GDP (purchasing power parity):
$420.6 billion (2012 est.)
country comparison to the world: 32

$420.5 billion (2011 est.)
$413.1 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$476.8 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0% (2012 est.)
country comparison to the world: 185

1.8% (2011 est.)
2.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$38,100 (2012 est.)
country comparison to the world: 29

$38,400 (2011 est.)
$38,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 0.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.3%
services: 77% (2012 est.)

Labor force:
5.055 million (2012 est.)
country comparison to the world: 74
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25%
services: 73% (2007 est.)

Unemployment rate:
7.6% (2012 est.)
country comparison to the world: 87

7.2% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
15.2% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (2006)

Distribution of family income - Gini index:
28 (2005)
country comparison to the world: 121

28.7 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
22.1% of GDP (2012 est.)
country comparison to the world: 69
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $227.3 billion
[see also: Budget revenues country ranks ]
expenditures: $243.2 billion (2012 est.)

Taxes and other revenues:
47.7% of GDP (2012 est.)
country comparison to the world: 28
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% of GDP (2012 est.)
country comparison to the world: 113
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
101.1% of GDP (2012 est.)
country comparison to the world: 15

98% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. debt instruments for the social funds are not sold at public auctions.
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 46

3.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 121

1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.3% (31 December 2012 est.)
country comparison to the world: 170

3.93% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$168.4 billion (31 December 2012 est.)
country comparison to the world: 22

$170.4 billion (31 December 2011 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$543.2 billion (31 December 2012 est.)
country comparison to the world: 22

$547.2 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$542.4 billion (31 December 2012 est.)
country comparison to the world: 25

$559.2 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$229.9 billion (31 December 2011)
country comparison to the world: 30

$269.3 billion (31 December 2010)
$261.4 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

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

Industries:
engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum

Industrial production growth rate:
5.6% (2011 est.)
country comparison to the world: 58
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$4.8 billion (2012 est.)
country comparison to the world: 165

-$3.709 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$314.6 billion (2012 est.)
country comparison to the world: 17

$332.3 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs

Exports - partners:
Germany 18.7%, France 16.9%, Netherlands 12.5%, UK 7.2%, Italy 4.6%, US 4.5% (2011)

Imports:
$325.2 billion (2012 est.)
country comparison to the world: 17

$342.3 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, oil products

Imports - partners:
Netherlands 19.9%, Germany 15%, France 10.8%, UK 6%, US 5.3%, Ireland 4.5%, China 4.2% (2011)

Reserves of foreign exchange and gold:
$29.43 billion (31 December 2011 est.)
country comparison to the world: 50

$26.81 billion (2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.399 trillion (30 June 2011)
country comparison to the world: 13

$1.241 trillion (30 June 2010)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.184 trillion (31 December 2012 est.)
country comparison to the world: 4

$1.095 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$999.8 billion (31 December 2012 est.)
country comparison to the world: 8

$951.1 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7838 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)

Fiscal year:
calendar year


NOTE: 1) The information regarding Belgium on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 2013 information contained here. All suggestions for corrections of any errors about Belgium Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
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