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Belgium Economy 2016
https://allcountries.org/world_fact_book_2016/belgium/belgium_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Belgium Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2015 Belgian GDP grew by 1.3%, the unemployment rate stabilized at 8.6%, and the budget deficit was 2.7% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

GDP (purchasing power parity):
$494.6 billion (2015 est.) $488.1 billion (2014 est.) $482.9 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 38
[see also: GDP country ranks ]

GDP (official exchange rate):
$458.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.3% (2015 est.) 1.1% (2014 est.) 0.3% (2013 est.)
country comparison to the world: 166
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$44,100 (2015 est.) $43,600 (2014 est.) $43,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 34
[see also: GDP - per capita country ranks ]

Gross national saving:
24.1% of GDP (2015 est.) 23.6% of GDP (2014 est.) 22.4% of GDP (2013 est.)
country comparison to the world: 54
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 51.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 82%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -80% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 77% (2015 est.)
[see also: GDP - composition, by sector of origin - services 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, base metals, textiles, glass, petroleum

Industrial production growth rate:
-0.6% (2015 est.)
country comparison to the world: 167
[see also: Industrial production growth rate country ranks ]

Labor force:
5.279 million (2015 est.)
country comparison to the world: 74
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 80.1% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.6% (2015 est.) 8.5% (2014 est.)
country comparison to the world: 97
[see also: Unemployment rate country ranks ]

Population below poverty line:
15.1% (2013 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
25.9 (2013 est.) 28.7 (1996)
country comparison to the world: 137
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $226.8 billion
[see also: Budget revenues country ranks ]
expenditures: $239.4 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
49.5% of GDP (2015 est.)
country comparison to the world: 17
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2015 est.)
country comparison to the world: 98
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
107% of GDP (2015 est.) 106.3% of GDP (2014 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; general government debt is defined by the Maastricht definition and calculated by the National Bank of Belgium as consolidated gross debt; the debt is defined in European Regulation EC479/2009 concerning the implementation of the protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992; the sub-sectors of consolidated gross debt are: federal government, communities and regions, local government, and social security funds
country comparison to the world: 12
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.5% (2015 est.) 0.5% (2014 est.)
country comparison to the world: 53
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (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
country comparison to the world: 149
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.5% (31 December 2015 est.) 3.23% (31 December 2014 est.)
country comparison to the world: 175
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$188 billion (31 December 2015 est.) $182.5 billion (31 December 2014 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world: 21
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$606.9 billion (31 December 2014 est.) $630.9 billion (31 December 2013 est.)
country comparison to the world: 21
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$526.1 billion (31 December 2015 est.) $564.1 billion (31 December 2014 est.)
country comparison to the world: 24
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$300.1 billion (31 December 2012 est.) $229.9 billion (31 December 2011) $269.3 billion (31 December 2010 est.)
country comparison to the world: 31
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$9.506 billion (2015 est.) $8.628 billion (2014 est.)
country comparison to the world: 23
[see also: Current account balance country ranks ]

Exports:
$281.7 billion (2015 est.) $326 billion (2014 est.)
country comparison to the world: 18
[see also: Exports country ranks ]

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

Exports - partners:
Germany 17.3%, France 16.2%, Netherlands 12.2%, UK 8.6%, US 4.9%, Italy 4.5% (2014)

Imports:
$280.3 billion (2015 est.) $330.8 billion (2014 est.)
country comparison to the world: 17
[see also: Imports country ranks ]

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

Imports - partners:
Netherlands 20.2%, Germany 13.3%, France 10.3%, US 7.1%, UK 5% (2014)

Reserves of foreign exchange and gold:
$25.4 billion (31 December 2014 est.) $26.92 billion (31 December 2013 est.)
country comparison to the world: 54
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.312 trillion (31 December 2014 est.) $1.285 trillion (31 December 2013 est.)
country comparison to the world: 16
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.24 trillion (31 December 2015 est.) $1.206 trillion (31 December 2014 est.)
country comparison to the world: 7
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.144 trillion (31 December 2014 est.) $1.118 trillion (31 December 2013 est.)
country comparison to the world: 10
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 (2012 est.) 0.72 (2011 est.)


NOTE: The information regarding Belgium on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 2016 information contained here. All suggestions for corrections of any errors about Belgium Economy 2016 should be addressed to the CIA.




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