embassy: Regentlaan 27 Boulevard du Regent, B-1000 Brussels
mailing address: PSC 82, Box 002, APO AE 09710
telephone: [32] (2) 508–2111
FAX: [32] (2) 511–2725
Flag description:
three equal vertical bands of black (hoist side), yellow, and red;
the design was based on the flag of France
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.)
Household income or consumption by percentage share: lowest 10%: 3.2% highest 10%: 23% (1996)
Distribution of family income - Gini index:
28.7 (1996)
Inflation rate (consumer prices):
1.9% (2004 est.)
Investment (gross fixed):
19.1% of GDP (2004 est.)
Budget:
revenues: $173.7 billion
expenditures: $174.8 billion, including capital expenditures of
$1.56 billion (2004 est.)
Public debt:
96.2% of GDP (2004 est.)
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:
3.5% (2004 est.)
Electricity - production:
76.58 billion kWh (2002)
Electricity - production by source: fossil fuel: 38.4% hydro: 0.6% nuclear: 59.3% other: 1.8% (2001)
Electricity - consumption:
78.82 billion kWh (2002)
Electricity - exports:
9.1 billion kWh (2002)
Electricity - imports:
16.7 billion kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
595,100 bbl/day (2001 est.)
Oil - exports:
450,000 bbl/day (2001)
Oil - imports:
1.042 million bbl/day (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
15.5 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
15.4 billion cu m (2001 est.)
Current account balance:
$11.4 billion (2004 est.)
Exports:
$255.7 billion f.o.b. (2003 est.)
Exports - commodities:
machinery and equipment, chemicals, diamonds, metals and metal
products, foodstuffs
Exports - partners:
Germany 19.9%, France 17.2%, Netherlands 11.8%, UK 8.6%, US 6.5%,
Italy 5.2% (2004)
Imports:
$235 billion f.o.b. (2003 est.)
Imports - commodities:
machinery and equipment, chemicals, diamonds, pharmaceuticals,
foodstuffs, transportation equipment, oil products
Imports - partners:
Germany 18.4%, Netherlands 17%, France 12.5%, UK 6.8%, Ireland
6.3%, US 5.5% (2004)
Reserves of foreign exchange and gold:
$14.45 billion (2003)
Debt - external:
$28.3 billion (1999 est.)
Economic aid - donor:
ODA, $1.072 billion (2002)
Currency (code):
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the
euro as a common currency to be used by financial institutions of
member countries; on 1 January 2002, the euro became the sole
currency for everyday transactions within the member countries
Currency code:
EUR
Exchange rates:
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002),
1.1175 (2001), 1.0854 (2000)
Fiscal year:
calendar year
Communications Belgium
Telephones - main lines in use:
5,120,400 (2002)
Telephones