Economy of Belgium

Economy of Belgium

Business district in Schaerbeek neighborhood of Brussels
Currency	Euro
Fiscal year	Calendar year
Trade organisations	EU, WTO and OECD
Statistics
GDP	$527.8 billion (Nominal USD, 2014 est.) $529.3 billion (PPP, 2017 est.)
GDP rank	25th (Nominal) / 37th (PPP)
GDP growth	1% (2014)
GDP per capita	$50,510 (Nominal) / $41,700 (PPP)
GDP by sector	agriculture 0.8%, industry 21.1%, services 78.1%, (2014 est.)
Inflation (CPI)	0.7% (2014 est.)
Population below poverty line	15.2% (2007 est.)
Gini coefficient	25.9 (2013)
Labour force	5.3 million (2012 est.)
Labour force by occupation	agriculture 1.3%, industry 18.6%, services 80.1%, (2013 est.)
Unemployment	8.5% (2014)
Average gross salary	€3,261, monthly (2015)
Average net salary	€2,068, monthly (2015)
Main industries	engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum
Ease-of-doing-business rank	42nd (2017)
External
Exports	$250.8 billion (2016)
Export goods	machinery and equipment, chemicals, finished diamonds, metals and metal products, foodstuffs
Main export partners	Germany 19.1%  France 16.2%  Netherlands 13.3%  United Kingdom 7.2%  United States 5.2%  Italy 4.8% (2013 est.)
Imports	$251.7 billion (2016)
Import goods	raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transport equipment, oil products
Main import partners	Netherlands 21.8%  Germany 13.9%  France 10.4%  United Kingdom 6.2%  China 5.6%  Ireland 4.8% (2013 est.)
FDI stock	$1.184 trillion (31 December 2012 est.)
Gross external debt	$1.399 trillion (2008)
Public finances
Public debt	$478 billion (99.6% of GDP) (2012 est.)
Revenues	$227.3 billion (2012 est.)
Expenses	$243.2 billion (2012 est.)
Economic aid	$1.978bn (2006[update])
Credit rating	AA (Domestic) AA (Foreign) AAA (T&C Assessment) (Standard & Poor's)
Foreign reserves	US$29.43 billion (31 December 2011 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The modern, private enterprise economy of Belgium has capitalised on its central geographic location, highly developed transport network, and diversified industrial and commercial base. The first country to undergo an industrial revolution on the continent of Europe in the early 19th century, Belgium developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbors. Industry is concentrated mainly in the populous Flanders in the north, around Brussels and in the two biggest Walloon cities, Liège and Charleroi, along the sillon industriel. Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Except for its coal, which is no longer economical to exploit, Belgium has few natural resources other than fertile soils. Nonetheless, most traditional industrial sectors are represented in the economy, including steel, textiles, refining, chemicals, food processing, pharmaceuticals, automobiles, electronics, and machinery fabrication. Despite the heavy industrial component, services account for 74.9% of GDP, while agriculture accounts for only 1% of GDP.

With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Belgium's trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. About three-quarters of its trade is with other EU countries. Together with the Netherlands and Luxembourg, Belgium is also one of Benelux member states.

Belgium's public debt is about 105% of GDP. The government succeeded in balancing its budget during the 2000–2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium suffered negative growth and increased unemployment, stemming from the worldwide banking crisis.